News Flash On The Aim Market Message Board

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Gold/Mining/Energy : News Flash On The Aim Market

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Nov 7 9:30 AM EST

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From: miningoz	4/29/2014 10:28:05 AM
	of 161

RFC Ambrian eyes crucial flow test from Oilex’s Cambay-77H well April 29 2014, 3:15pm“We believe the main catalyst for the stock over the next few months will be the result of a flow test of the Cambay-77H well,” said RFC Ambrian RFC Ambrian is keeping a close eye on the flow test from Oilex’s ( LON:OEX) Cambay-77H well in India, which the broker believes is the main catalyst for the stock over the next few months. It follows the quarterly report in which the company said it had A$11.3mln of cash in the bank following the recent placing. “We believe the main catalyst for the stock over the next few months will be the result of a flow test of the Cambay-77H well,” said RFC analyst Stuart Amor. “With Cambay-77H spud on 7 March, it should not be too long before we get the results and can see whether commercial gas/condensate flows are likely (perhaps 2-3 months).” Drilling was completed on 19 April and Amor expects it to take 2-4 weeks from then to get the crew in to frack the well. Once fracked, the well is likely to take around 6-10 weeks to clean up before a proper flow test can be performed. RFC Ambrian has a ‘speculative buy’ rating on the shares.

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