The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Mmmmm bacon...
*HOLLOWMAN. Haha... lmao..... must be thinking Kevin Bacon....
Meant HOLLOMAN ovs.
The share issue in question is not that much anyway.... it’s for the remaining 20% interest in the wells owned by HOLLOWMAN. What ... around A$20-30k? I could even buy that! So likely to be around 20m shares (based on their last 30% accusation)
Lol Joke - I couldn’t buy a pint at the moment... till end of month...otherwise I’d be topping up!
Is that too much? I think not... upside much better.
Of course, if they do a farm out, their share of the drilling costs would be reduced and they would have some cash as well.
I can’t remember why it was shut in.... will look into that. If it’s the commerciality reason, then perhaps the new equipment Yuri mentioned might solve that?
Hopefully it’s not so expensive.
Yes, they do have a shut in well. Don't pretend to be an expert on that, but wasn't it shut in because it wasn't producing commercial quantities ? Also, these are exploratory wells with no guarantee on what they will produce. Hopefully, just getting the bits turning will give an sp boost.
With the new technique that Joes researched, he reckons much better rates to previous attempts.
Figures are complete guesses, we will only know on the day.
That’s interesting Gordon. Don’t they also have one well shut in at the moment which could quickly be brought back on line? Do you know what rate the new wells are expected to output?
Thanks
Yes, all this stuff approved at the agm was previously announced nothing new here. Targaryen my figure of approx 2.5m USD for the Cambay wells takes into account the new partner. Its 45% of the total of 2.5 to 3.0m USD per well.
Maybe they cannot be bothered to wait a few more months...their loss.
Gordon, don’t forget they will have another JV partner...and most likely money coming in from KLW by then too. :)
They were right or had inside knowledge. We will just never know....
Echo that yuri, some more pain on the road to victory
Hi
I believe most of the shares voted for were ratification shares.... ones already issued and just being agreed formally in retrospect.
There is the HOLLOMAN, and Lombard share issue which is future requirement.... but don’t forget they got it cheap.
Also, apologies for getting my figures wrong. I thought they were awaiting 3M Aussie $ for the Cambay outstanding costs. Just reread the RNS and it says US$. Which is in fact more!
Yay! That is approx. £2.4M we’d be waiting on.
I think they are expecting good news end of Sept...and with a rise in sp are planning share issue to pay for HOLLOMAN.
I think that’s fine.... cos in the long run it will be worth a lot more!
Like Yuri said, might be good to try to average down....but on any dips.
GLA. Ps. Looks like Align were right?
YURI, the key phrase is "Ratification of Prior Issue". Old news.
Incidentally, even if Oilex get the full 3m USD that will all be needed for the two Cambay drills. So draw your own conclusions. Gla.
I shouldn’t act surprised really. Even I would of voted in favour of a placing if it meant us keeping in time with things.
A bank loan is too risky, especially if things didn’t go to plan.
Will we have money? YES
After October will we be debt free? YES
We are derisked of bankruptcy however, it creates a 5h1t sandwich unfortunately for us all and we all have to take a bite.
Once swallowed we can forget about it and move on. Even a conservative target of 1p is still very achievable so my opinion is to continue to average down after the placing.
I hope we have good success with the drills because the sales will mean we shouldn’t have another placing for a long time.
It’s just another day at Oilex, the panto and adventures continue....
approval
Isn't this just approved of the previously announced placings to pay for Cooper basin ?
As long as it’s to produce, not just keeping the management getting paid whilst in limbo... patience
Throw*
You might be a winner this time Gordon. Your turn to through vegetables at us :-o
Am I reading this write that they have voted in favour for dilution?