Jokie..the market lies mate. it does not always know how to value stocks all the time. Buffett once said that if the market was efficient, he would be broke. I have seen countless stocks either over valued or under valued depending on sentiment. The only thing wrong with oilex is the market sentiment..read below.
This is whats happened imo.
Some very smart money bought this stock when Bruce got on board and secured all these prospects. [helped make carn energy into a 4 billion pound monster and did it in India] The company had some drilling delays in this hard market but have now got things cranking.[that did not help] Market conditions have become hard in the explorer/ emerging producer end of town over the last few months as leverage has come out of the market and conditions have become harder.[sub prime,opes,tricom,US market and general uncertainty] Some folks have simply lost the will to stick it out. The fundamentals of oilex are better than ever and people selling just as they start drilling into the main asset in Cambay might be a great one off opportunity. I don't care if this first well is a duster, since its just the start of a very big highly prospective program. Its cheap and i invested in oilex for the whole program. it wont be trading at these silly levels as the wells get drilled and the results flow..its that simple imo. The stock may drop towards $1 in the short term, but it will find support and bounce on news. take advantage of this as i will be. dyor.
OEX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
