oilex continues substantial progress. aust inv, page-4

it is now below placement price of 23 c. the company has no debt. exploration revaluation is expected to be increased as oil has jumped to $49 a bbl from $38 in december.

if cambay drillings succeeds, we might see EPS of at least 15 c, hence this could run to 40 - 50 c. if not, the worst case scenario is to retrace to early 20s. risk is minimal here i reckon. definitely worth a punt.