oex/awe/mos, page-2

Hi Pickledish,

I dont know much about AWE and MOS.

The reasons I would not be moving out of Oilex are as follows. All are my opinion so please DYOR.

Short term :

Cambay:

1. Storage constraints are just about sorted im told. Production should move up to approx. 800 barrles per day.

2. Cambay 57 should be completed next week with results to the market soon after. If we hit oil here then it opens up a major reserve in this part of the block.

3. New well planned soon after.

Oilex I feel will have up to 2000 barrels per day before years end. With oil settling above $50 a barrel and oilex's production cost under $10 a barrel in Cambay then you do the maths.


Indonesia:

1. Approval could be anyday here.

Timor:

1. Seismic results due any day. Im expecting some very encouraging results here. ENI made a discovery in one well late last year of 6000 barrels per day next door. If this structure runs into our field then who knows! ( good chance it does I feel!)

We will find out soon. Also big interests here for a farm in which should free carry oilex for the first few wells.

Allot to absorb here and with the oil game plenty of luck is needed. Also delays are the norm and dont we know that so far.

Oilex I feel will stand up and be counted over the next few months.

Good luck whichever way you go.