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They have been in financial difficulties for at least 5 years but are obviously government backed.
They wanted shot of it but not for nothing.
GSPC got into finical difficulties year ago and are trying not to pay anyone, it is as simple as that.
If they wanted shot of it, they would not have gone to Arbitration.
Wouldn't want to be out over the weekend...
Sorry Conger. Just don't understand your reasoning. You just seem to believe what makes you feel better about your investment.
You say you don't believe anything gspc say, presumably in reference to the link I posted earlier, regarding the massive amount Oilex spent on one well. Did they just make that up. Don't think so. Must be in the accounts. Also we'll documented that they had massive problems with one well. They also followed that up trying to sell CAMBAY 4 years ago. Unsuccessfully, presumably because they couldn't get the price they wanted. Don't know why Oilex didn't exercise their right of first refusal then when they had more cash.
You say gspc are trying to bankrupt Oilex out of the jv. Where's your evidence for that? Why would they want to? Presumably Oilex' s assets would be sold by an administrator to who knows who. It would just mean more delay when all the evidence is they want shot of it. Also as I have said many times, Cambay is a small affair to gspc, who have assets worth billions and have billions in debts.
Yes the sales process took a lot longer than expected, even before Covid. Why we don't know, but I see know reason to blame gspc for the delay for the reasons above.
Finally thus is a discussion board with room for all viewpoints. Do you really believe the reason for the relentless decline over the years is due to comments on here rather than the poor performance of the company? Atb. Gla.
Who’s told you this Conger? One minute joe’s saying the GSPC MD has covid, now it’s suspected that the buyer has run into financial trouble, you’re now saying it’s GSPCs master plan to bank rupt us.
I don’t know what to believe. But what I can say is Cambay is nothing but trouble and a constant pain the backside of endless sad stories and a drain on resources and money. I’ve always said we need to get the hell out of there. It’s like the Vietnam war (never ending).
Staying in Cambay, lighting a few candles and praying for luck is pointless.
Sell Cambay, pour it into west Kampar which only needs some small work to get back up and running and grow it.
Obviously it won’t happen though...
all i have presented is an honest opinion of where i see oex today, and that comes from having been through the mill with them myself, now if you can't handle opinion perhaps you shouldn't be on forums
and would also state that I very much doubt that GSPC avidly watch the OEX share forum on LSE, one might consider they have better things to do
Do you think II's or brokers give a monkeys about public boards? You don't get it do you, ask who's been done over in this debacle, not the board, not the brokers, not the II's (ways and means of recouping their cash on the QT) merely the retail investors, and I put it to you that the difference in SP (drop) since you invested is not down to my comments of yesterday/today
Don't you get it, by being negative you are doing GSPC job for them!
GPSC has been trying to bankrupt Oilex out of the JV, and negative comments from Shareholders in public boards just make this harder for Oilex.
If you have nothing positive say, you should say nothing out respect for the position and the millions of pounds of other investors in Oilex.
All GSPC had to do was sell up and move on as the Indian Government, the Cambay govt told them to doand they agreed to do.
GSPC is hostile to Oilex, I don't believe a word they say and they don't keep their word, 90 days best endeavours to complete sale, the bid period was longer!
Have not worked out yet, GSPC are the issue!
Yuri if you watch across AIM you will generally find that when a company's main asset goes t*its up the board go shopping, a new project, new hope, new finance ( combined possibly with a share consolidation to make the SP look more attractive), new retail investors to take to the cleaners and a new source of income for the board's salaries. That is when it's fair to say it has become a lifestyle company, AIM is littered with companies that have gone down that route.
Agreed Yuri, you'd think they only way forward would be to sell everything but one project and use the proceeds to finance what's left. Trouble is it's not exactly a sellers market st the moment.
Notice how it says they are looking for new projects? With what bloody money? We need info why they are making these decisions to do all this.
This is exactly what I’m getting at. Wtf is going on in their minds to think it’s ok to go project shopping when we are struggling with the current ones and losing millions a year.
If they want to go shopping sell the lot and start again on a small scale and rebuild the company.
Conger, when I said yesterday that the reason for the dispute with gspc was the vast amount the previous OILEX management had spent on one well, you said I didn't know that. Well, gspc stated exactly that in 2016, as in this link which I and others have posted before.
https://www.livemint.com/Companies/tcNs2RUmfqs6lFGC5HxhUP/Cambay-oil-field-faces-closure-as-GSPCOilex-joint-venture-t.html
Cant believe you are still here mate
How funny to read alliance.. of course, seeing they’re no longer vested of course they’ll have a total upside down commentAry.. zzzz
A fia. Also people lost confidence
I see this company still in a downward spiral, pity
Remember the days when this was 10p.
Was looking to see if it was worth investing in.
Hope this turns around for the Lths
Investors walking through the oilex jungle until Joe lands a RNS and everything erupts on the chat.....
https://youtu.be/dK1B9b_0Z2Y
Public vs Majors
No doubt the majors are in the bods pocket, however how much fire power have we got to elect a new board?
Think the plan for the BOD is to drain every last penny they can from this company with their ridiculous salaries that they have awarded themselves for achieving absolutley nothing in the last few years other then bringing the company to financial ruin. I would sell but at this point I might be able to buy a packet of crisps with what's left of my investment. ATB
Conger, I agree with what you are saying regarding being negative doesn't help. However, perhaps the BOD could start by instilling some confidence in shareholders by relaying what their plans are and keep shareholders in the loop as much as they are legally allowed, rather than shareholders seeing no progress but directors managing to take a decent salary.
Maybe the BOD have a great plan going forward and are secretly making great progress, but if shareholders don't know then the confidence and SP wil reflect this.
Conger, I respect your opinion which is obviously sincerely held. However, I can't believe anyone believes that anything said on here depresses the share price. People were saying that same thing wheb it was 0 3, 0.2 etc etc.
Any share price is a consensus or average view of shareholders past present and potential future. I think it is self evident what that consensus is at the moment.
That's not to say a consensus can't be wrong otherwise no sp would ever go up dramatically. I really hope that turns out to be the case here. Atb.