OEX

About OEX

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What does Oilex Ltd (OEX) do?

Oilex Ltd are oil explorers. But they also do gas.

Founded in 1997 and headquartered in West Perth, Oilex Limited appraises and develops oil and gas prospects, and produces and sells oil and gas.

Due to the impacts of climate change, Oilex’s strategy going forward is to reduce its exposure to oil as much as possible and increase its focus on gas as a “transition fuel.”

Oilex is currently focused on gas production at its flagship Cambay Field project in Onshore Gujarat, India, of which it has a 100% interest. While Oilex has a 10% interest in petroleum development at project JPDA 06-103 in the Timor Sea, Indonesia, it has recently divested its 40% holding in oil production at Bhandut Field in Gujarat, India and sold off its Cooper-Eromanga oil projects in Australia.

Is Oilex a profitable company?

No, Oilex is not a profitable company.

The company earned no revenue in FY2020 and FY2021 due to a voluntary shut-in of gas production at Cambay Field in the first quarter of FY2019.

Oilex has recorded net losses and negative free cash flow since FY2012.

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Is OEX stock a buy?

After grinding through FY2020 and FY2021 with no income, Oilex recently reported positive developments making the stock attractive to some investors.

In February 2022, the Government of India approved Oilex’s acquisition of Gujarat State Petroleum Corporation’s 55% participating interest in Cambay Field. Oilex now owns a 100% interest in Cambay Field, making it the company’s largest asset. The company also received Consent to Operate from the Gujarat Pollution Control Board and restarted gas production and sales in April 2022.

However, the fact Oilex has not earned a cent in years makes this a difficult investment for other investors. By the company’s own admission, Oilex is also continuing to suffer from COVID-19 impacts:

“The global oil and gas services sector is facing an acute shortage of capacity following several years of reduced activity and India is suffering from these constraints.”

Does OEX stock pay dividends?

Oilex has no history of paying dividends. In the company’s FY2021 annual report, the company’s directors recommended against paying dividends due to its weak financial position.

Who owns OEX stock?

The general public owns the overwhelming majority of OEX stock at 83.5% of the total float. Institutions come in second at 14.3% ownership.

OEX stock’s top 6 owners hold 16.54% of the company. These owners include Republic Investment Management (13.3%), Chwee Cheng & Sons (1.55%), ICM Limited (1%), Non-Executive Director Peter Schwarz (0.3%), Executive Director Jonathan Salomon (0.21%) and Non-Executive Director Paul Haywood (0.18%).