I think the post on the AGM summary (mikesheehan) said that the workover rig had been contracted. Also said they had ordered the specialist equipment and that was arriving shortly.........what 'shortly' means is unknown.
I have no idea of what management intend to report and when, but would it not be unrealistic to expect them to simply announce the clean up has been finished?, and they are currently doing the commercial testing...maybe tomorrow...maybe next week.....maybe next month?
Simply from the perspective that if they announce they are cleaning the well and something goes wrong, that might just about be the final straw to get us to 2c.......another couple of weeks with no news and we could get there anyway :-)
That AGM summary also stated the cleanup timing was a little unknown - could take a couple of weeks, could take a couple of months.......basically as long as it takes to get done.
If that was the case, then theoretically they could have started the clean up and be well on the way. However, I don't think so - I think there is enough track record that the share price will start pushing up significantly prior to the 'official' statement coming out.
That has not happenned yet - but when it does I guess that will be my signal that the clean up is in process and has been leaked to investors who have access to that information.
On a side note, interesting goings ons in UK with the share price getting smashed and turnover going through the roof. Not great with the share price getting hammered - however interesting that the AGM summary said management were aware big UK investors were building big stakes........for every seller there is a buyer and maybe these big investors/institutions in the UK are mopping up all the traders/mums and dad investors who have finally had a gutful of OEX - don't really blame them.
The frustation at the current situation leaves me shaking my head on a daily basis. I do not have the necessary knowledge/skills/experience to state whether management are idiots or simply unlucky.
However, the saving grace is that IMO at least this share has a 50% chance of turning into a 4 or 5 bagger (and 50% of turning into zilch). The rest of my blue chip set and forget portfolio seems to have a 100% chance of adding to my already 20% loss on those shares in recent months.
I wait, I pray!
OEX Price at posting:
22.4¢ Sentiment: LT Buy Disclosure: Held
