Oilex drops further

Stock price of Oilex Ltd drops further by almost 3% this morning, crashed 55.3% since November 12, 2009, on reports about unsatisfactory outcome of drilling at Lore-1 well in Timor Leste's joint petroleum development area.

Oilex stock surged from $0.145 in July to $0.39 last month, but then fell substantially to $0.17 this morning. Oilex told ASX that Lore-1 well drilling has so far failed to find commercial hydrocarbons. 

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