oilex

Quick update from last night:

1.the selling comes from distressed instos, Oceana first now JPMorgans, JPM have been strong supporters in the past but are forced sellers atm

2.OMAN delayed by 3 weeks due to current rig operations but to start very soon

3.testing rig in place but monsoon weather somewhat slows progress down, to start shortly

4. Bruce to present at Good Oil then Europe etc, marketing program to start in 2 weeks

5. Peer comparison and valuation metrics suggest OEX grossly undervalued

The message is to hang in there and wait out the distressed seller.

cheers