Patersons Research Report - March 2014

Funding Secured – focused on drilling Cambay

Oilex Limited (OEX) recently announced that it has completed a capital raising of $6.8m through the placement of 94.7 million shares at $0.072ps. OEX’s JV partner Magna Energy has also elected to exercise the option to increase its stake in the field by 5%. Following the placement and completion of the farm-out on the Cambay PSC, OEX is fully funded with estimated cash of $12m. OEX is now looking to spud the Cambay-77H well in March 2014, targeting a production flow test in mid-2014. A successful production test will unlock the significant resource potential and enable full field development of the Cambay field. We are upgrading the rating on OEX to SPECULATIVE BUY following the securing of funding.

Click here to view the full Research Report