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GSPC have been forced into this agreement, they did not want it and they are being difficult, but time is running out for them.
Agree Conger, as we have found out to our cost, a working relationship is very important.
It is not just an asset for sale, but also a business partnership with Oliex, they can't ignore.
It is not just about field data, it is also about working practices and relationships for a JV to work. :)
Thanks MI. Interesting. Can't help but wonder what light that throws on the extensions ? Are they desperate to demonstrate best endeavors? Who knows. Certainly not us.
Hmmm. Not sure Oilex need to be helpful as far as the bidding process goes. All the field data is available from Gspc. Says so in the tender document. However, Oilex are sure to make it clear who they would rather work with.
Still seems most likely that a preferred partner, via Oilex, would match the highest bid.
If i was Oilex I would have put in my bid, and then not been "helpful" with other bidders so i ended up as the only bid and GSPC are desperate as it is going so cheap, because the agreement to sell in 90 days did not consider that any bid needs Oilex support?
Also, the 90 days is up only about 3 days after bids close.
Fair enough. Guess it depends on how you define best endeavors.
It is still binding if they don't use best en devours ie they have a bid from Oilex and don't take it Oilex can take them to court. The India government signed off on this Gordon.
That's all perfectly feasible Conger, except that there is no court involved, just an agreement between Oilex and gspc. Completion in 90 days is not totally binding, they just have to use best endeavors.
Just to remind people from 2015.
https://economictimes.indiatimes.com/industry/energy/oil-gas/oilex-proposes-to-buyout-gspc-in-cambay-oil-block/articleshow/49757065.cms
I wonder if Oilex is effectively able to turn away bidders, just because they don't want to work with them on the bid for instance, making bidding much more difficult and risky for the 3rd party.
It is not possible heir are No bids, as the agreement with the court is to complete the sale in 90 days not to sell for greater than xxxx amount.
So I suspect Oilex has made a bid with a financially strong partner, with a side deal to settle the cash calls, someone they know in the industry and can work with, and or just thrown a bid in for GSPCs 55% around the outstanding cash calls.
But who ever bids has to work with Oilex, so you would expect them to speak to Oilex as part of the bidding process anyway. Oilex has a lot more control of this process than first meets the eye if you think it though. I just can not see any other outcomes Oilex must effectively approve any bidder, i mean they have more information on the site than GSPC for instance, they have all the data, the tests, they are the expert operators, they have the 10 year licence etc.
You all just need to hang tough for the next few months and we will know for sure shortly.
GSPC will not be able to extend the sale completion date past the 90 days without getting into contempt of court IMHO.