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Bandit sales proceeds expected finally later this month.
News flowing
I'm liking the action being carried out as announced
Why are the Aussies down again ?
Good news. Clearing the decks to concentrate on cambay. More cash for coffers.
Last trade in AUS at time of writing was equivalent to just over 0.3p here. They like us are waiting for cambay news. Although I expect as a much bigger market, 5-10 times daily volume and sometimes more than they get in AUS, we are driving.
Re-assuring that GOI clearly are “back at work” again after Covid , bodes well for.Cambay
Another loose end tied up and more money in the bank, happy days!
Some more money in our coffers should be a very interesting session major rerate in its way
EspenViking I think you hit the nail on the head, it does show that the Indian govt are working and so it can’t be long now before we get an RNS on the Cambay as OEX expect to have completed drilling by the end of Q2, that doesn’t leave much time to get everything in order prior to drilling so I’d expect another RNS or two this week.
And oil price up today as well .yay back up we go .
Morning Gareth. Not sure where you get the idea that drilling will be completed by Q2. Probably wont start until Q4 at the earliest. Unless you are referring to the restating of the old Wells? The only things they have said are expected in Q2 are completion of the deal and finance. Atb.
restarting
Was just thinking that. That would be a pretty quick turnaround in Q2!!
Re rating solid news
Focused on point company turnaround cash king
'Drilling is expected to complete in the second quarter of this year, once the binding sales and purchase agreement, and funding arrangements, are completed. ' Taken from https://www.thearmchairtrader.com/oilex-ltd-shares-can-cambay-field-potential-transform-the-company/
It seems that the Oilex directors, in overcoming numerous challenges over a period of 15 years to finally achieve their objective of complete control – and with it the potential profits – of the Cambay asset, have shown themselves to have, as Solomon said, “focus, perseverance and capital discipline”.
For Oilex, the Cambay contract is the asset that, once sealed and delivered, and once they can unlock its potential value, will most likely transform the company.
Excellent news ! :o)
Sorry that article is just plain wrong. Nowhere in any rns does it even imply that. It would be impossible. Years ago, when they first talked about these two Wells they used to talk about ordering the long lead items for the drilling. They won't have the finance to get that far until this quarter. Atb.
Guess the usual deramprrs will be in hiding today
Bonkle you beat me to it, the armchair investor link was what I posted yesterday I was looking for it to begin to show Gordon that drilling is supposed to be completed before the end of Q2. Many thanks.
Gordon as drilling is due to completed by Q2 II would advise there is not much time left and so I still expect the Cambay RNS this week
Worth remembering the MD's words in the interview a week ago:
_______
Joe Salomon interview this week.
Salient points:
______
"The potential here is large"
"Any Gas that you can get into the main trunk line in India, effectively gets the price of LNG imported Gas"
"We know the Gas is in the ground"
"We've done a significant amount of work in looking at how to effectively stimulate the wells to increase the Gas flow rates from the low flow rates of the past, to commercial flow rates of the future"
"it's not a complex process"
"to increase the Gas flow rates to very, very, commercial rates"
"the Company is back to a clean and clear state"
"back in control of our destiny, so that's a really major outcome"
______
Note, LNG import prices to India hit a high of around $18 per Mmbtu in January, which would value the 900 Bcf of contingent resources, stated by JS, by getting the LNG import prices, at around £ 11 Billion !
Additionally, there's the 55% mix of Oil / Comdensate to add into the mix too.
:o)
As I’ve said before I want to OEX to pull this off as much as the rest of you but if they are were going to complete drilling by end of Q2 in the next couple of months the SP would be much higher than it is now and they have only just acquired 100% ownership of Cambay site.
I’m not being negative, just realistic. Hope others can see that despite what that article says.
Things obviously starting to move now. Hopefully they have now covered running costs for the foreseeable. This paves the way for a JV announcement imminently imv.
Steve
Pointless trying to make 'armchair' assumptions other than from those at the helm with official detail from the company.
:o)
Also Steve, in his interview, JS stated that a lot of work had been done to get very very commercial rates from the wells.
_____
"Any Gas that you can get into the main trunk line in India, effectively gets the price of LNG imported Gas"
"We know the Gas is in the ground"
"We've done a significant amount of work in looking at how to effectively stimulate the wells to increase the Gas flow rates from the low flow rates of the past, to commercial flow rates of the future"
"it's not a complex process"
"to increase the Gas flow rates to very, very, commercial rates"
Yes Steven. Its beyond me why people choose to believe something in an ill-informed article rather than what it actually says in the rns's. For example it says this.
"before starting negotiations in 2019 for the remaining 55% stake owned by GSPC. The attraction".
Completely wrong. Gspc, after 10 months of negotiations agreed to sell its share at that time. OILEX declined to bid as it didn't have the cash for the then expected price. A preferred bidder was identified who dropped out due to covid circumstances. This enabled Oilex to step in for the bargain basement price of 2.2 million usd. Lucky for all us lth's even though at horrendous cost for the wworld. Atb.