This cancellation brought about by the rig company is welcome relief because it means that Oilex is no longer faced with a commitment it cannt meet in relation to its 25% interest. A principal second issue is that opportunity it there to find an alternative in a market brisling with available rige, so it would appear from the statistics available.
A further factor comes with the position of the potential farminee. That company might offer more significant leverage in acquiring a rig or may have a rig commitment already in place.
Oilex has more options now but needs to keep in discussions with the appropriate authorities.
All the best
Jimmy
OEX Price at posting:
15.6¢ Sentiment: Hold Disclosure: Held
