I think you have nailed it describing OEX as a R&D company now, kinda like investing in speculative pharma company always tapping the market for more money but holders almost never seeing a return apart from the odd pump n dump. I re-watched the latest video episodes of RM and it makes greater sense now. IMO I think they are still unsure on how to drill Cambay successfully to increase shareholder value so they want more funds for research, that is why they can't give a time frame on when the next drilling will be.
Also this business of OEX becoming cash neutral in early to mid 2015. Seems a bit vague and considering the oil/gas prices plunging into the abyss I wonder if this is really achievable now. After the SPP if there is no new news on getting existing wells into production and drilling program the market is likely to punish OEX again. Then again maybe OEX are trying to minimize expectations after how long 77H took to get this far, announcing another drilling campaign for 2015 maybe too ambitious if it is going to stretch into 2016!
OEX Price at posting:
6.2¢ Sentiment: None Disclosure: Held
