OEL - (Otto) Multi based, Gambling Stock.

[boysy]

strong finish to the week with the first insto/sophisticated CR shares (5.9c) hitting the market on Friday. To be honest i expected more volume with a 15% profit for a few weeks holding too temping for some but the volume and SP support didn't lend to this hypothesis. Expect an ann re BP out this week which could further drive some FOMO should already be 10c based on the oil they have found and are producing ....

[Rabbi]

I oversubscribed by 100,000 shares and had to sell some BPT to pay for them. If they take everyone's money, there is going to be an overhang of shares
for a while, which could put a dampener on the price.
If this happens I will buy more just on the exploration potential, however the ensuing cash flow on further success is another incentive to buy.
My top pick out of all the oilers I hold but DYOR.

[boysy]

I went for double my entitlement I suspect everyone will get scaled back if we all did the same afterall ...

[boysy]

Pleasantly surprised I got my full alllocatoon, looks like we will have three drills on the go shortly being Biv Peak, Bix Tex and the F#2 well perforation can’t believe we can still pick up the shares for 7c this has to be one of the best value oilers at the moment and most exciting with a huge drilling programme compared to its MC

[Rabbi]

As big a bang for your bucks as you are ever going to get from a junior oiler. I'm somewhat irate that I only got my allocation. Now I have to wait for a refund cheque to buy more on
market as I consider my holding too small.
As I complained on Hot Copper, in this day and age it is an absolute disgrace that Link registry cannot direct credit to a New Zealand Bank Account.
No problem with Computershare Australia being able to do this.

OEL is an out and out screamer, as the upcoming drills have relatively high chances of success. Nevertheless, I concede it is still possible for every drill to be a duster so DYOR.

[boysy]

Quite right Rabbi a pain about waiting for your cheque - i went for 200% of my allocation and got all the extras how did you only get your allocation ?

[Rabbi]

Quite right Rabbi a pain about waiting for your cheque - i went for 200% of my allocation and got all the extras how did you only get your allocation ?

Like you Boysy, I got more than my allocation, but not having loaded up at last years 3.5 cent cash issue I'm essentially short of scrip, so I wait for the refund to top up at the undiscounted
market rate. Cheque will probably take one day from Australia to New Zealand and then another week courtesy of the now dysfunctional New Zealand Post.

[boysy]

Rabbi hate to be the bearer of bad news but the fact its a foreign cheque you can't special answer it so it can take up to 20WD to clear. I kid not i had this drama when i received a cheque back from the SPP raise - even worse the fact i was depositing a CBA (ASB parent) cheque into a ASB foreign currency account did not speed up the clearance of the cheque ..... Wish you well purchasing on market i get the impression its about to explode but am overweight OEL so DYOR

[Rabbi]

Dead to rights Boysy about the cheque taking ages to clear. They like to earn interest on my money while it floats around the postal system and then the Banking system.
Only upside is the New Zealand dollar might be even weaker by the time it gets processed. Actually , my broker said to sign the back and send it to them, so I should be
able to use their Aussie dollars, while they process the cheque.

[boysy]

Could have four drills occurring simultaneously next month (SM71 perforation, Biv Peak, big tex and lightning). If the first result has a sniff of oil expect this to breach 52 weeks highs in short order. Has to be one of the most exciting risk/return oilers at the moment ....