I see it as a healthy situation for a company to review the...

I see it as a healthy situation for a company to review the composition of its board and the latest announcement advises us of the results of that process. Directors need to direct and need to be in the best position possible to do so effectively going forward.

Whilst we have not received an announcement about the possible Timor farm in or other operational activity we can expect a quarterly report to be released before the end of July at the latest. That would appear to be in line with the previous practice.

I am pleased to say that I have received a call today from Mr McCarthy in response to the e-mail I sent to him yesterday. As one would expect, I have been provided with no news that is not already in the public domain otherwise it would have been released as part of a company announcement. However, it is clear to me that there is room for Oilex to make some enhancements to its public relations routines and responsibilities in relation to its published schedules. I found the responses very objective and reasoned.

My conclusion following the conversation is that Oilex is buoyant in relation to its forward operations and is positive throughout. The company is very active on many fronts which will be stated in the forthcoming quarterly report. That is not sufficient to have readers jumping about with glee but it is certainly not a clue to doom and gloom ahead.

I see Larrybird1 and Arkacia appeared none too happy about the announced appointments. In relation to the FD position, the company had no person in post and an appointment is a reasonable and expected step forward. I think it is essential and it does not necessarily mean that the promotion from his present post in the company to that of Finance Director is to be particularly costly. FD is a key position in Oilex and it may well be that the first year was a trial for Mr Clube with the FD post in mind a year hence.

We must not lose sight of the fact that the Timor rig cancellation was not in Oilex’s control and to secure another rig is an involved process with an array of service and supply contracts required and aligned to any new deal. It is a major change in circumstances which has reasonably caused unavoidable delay. If a bus doesn’t come there’s no way we could get on it.

Throughout the website posts I read there is such negativity but in many cases it is a bandwagon where there is little knowledge of company activity by those generating the judgement. To suggest that this company is on the verge of extinction is utter nonsense in my opinion and not a considered view based on facts. A decline in posting activity is to be expected in times where there is little news. It is also noticeable that such times are when the knockers get into gear – more prevalent in the UK I would suggest.

I don’t ramp this company but I do have cause to hold my stake very firmly because my belief is that it will come good.

All the best

Jimmy