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Buying continuing
I think the simple answer is that GoI approval, if it comes, will not be within your six week timescale. These things are continually being put back with little or no explanation from the board and it's hard to see that changing in the near future. Very much one for the LTH.....
Well that certainly was a rollercoaster of emotions yesterday and having now had to time reflect and hear first hand the why's/what for's I understand the train of events more.
Fund raising was always a given, mentioned in the last quarterly, and much needed to support the development plans for Cambay and to ensure the business remained solvent. Fund raising's require a period of time to negotiate and co-ordinate and during this time the executive employees and participants are taken "inside" so no external communication is allowed. As part of this process the fund raise price will have been agreed, this could have been weeks, if not a month ago. Fund raising's will always be at a discounted price, that's just the nature of them.
Yes it would have made far more sense to raise after the GOI ratification, but that timing is out of the businesses hands, and they will have needed to get their own finances in order to continue to progress matters. I have already expressed my disappointment at this but do accept that there are many variables in play here.
On a positive, funds now secured, and we can continue to press ahead with field plan development, production and fracking. Two pieces of news to drop anytime - 1. commencement of production notification after receiving all the required approvals 2. GOI ratification
The business is focused on generating positive cash flow, and proving up the Cambay known reserves. At todays share price we are no where near enterprise value and I would expect to see a steady rise as imminent further news drops. Keep patient if you are invested and perhaps even under water, you only realise a loss when you press the sell button.
conger, these things take time to get organised , you cant just expect goi approval and next organise to start
They need the money to sort this in advance of the approval then they will be ready to go. Its not rocket science
As disappointing as the placing is they are getting prepared in advance. Doesnt smack of incompetence to me in fact the opposite
Aside from the casual racism, a half decent comment QS (5.5/10). Keep making progress matey.
With great abilities come great responsibilities; great power comes with great assignments.
With great age comes great reasoning; great actions come great experience.
With great battles come great victories; great trees come with great tap roots.
However, if a little faith can move great mountains, what then will a great faith do? Mysterious things... I guess
Nope these are wise words though Quantum's were good advice .
There's a few people been around a while in this board and he's one of them
It always overshoots on the day, i would expect it to settle back to around .4 after.
I was clear I said it could go as high as .75 as it went over .50 near .60 from memory briefly on the day without GOI approval, so it is only logical to think it would go higher with it.
At the same time you were touting 0.75p on ratification news ?
By the way, well done on reducing your risk.
Spot on Conger. I have been saying since we heard about the raising at the end of October that we desperately need approval news first. Then they do the exact opposite. Smacks of incompetence and a disregard for PI's. Atb.
Is it just me that feels this real unease since Joe stepped down?
I really don't get this timing..
I can not see any reason to raise this money before GOI approval, by all accounts GOI is in the next 6 weeks or so. 6 weeks is nothing in the time lines we have been waiting. Oilex has enough cash to last out that long, and I think it is very realistic to see GOI approval a new base price of .3 to .4 pence, so why raise now for the twice the cost now? It smacks of really poor financial management and possible frustration? Why has no one stopped this on the board, I would kicked off like crazy if as part of the board. This really concerns me about the new management team, something i was already unhappy about.
I am just incredibly glad i sold 30m (half my holding yesterday around .24, i was going to even sell more but had to go out!!
Personally I think the question about funding was on all of our lips, it was holding this share down, its now out in the open that its been done at around a 10% discount to the most recent share value, there is an argument to say that if this news had been held back to allow the share price to rise then we would all be moaning that the new shares had been executed at such a discount to the new 'price risen price'.
Oh... how I would chuckle if this week we did see the GOI complete on its ratification.
Only a matter of time, if you bought in today and its now worth less than what you paid for it, do not fret... Funding was arranged for a reason, we are moving forward, if you think OEX has done done nothing this year then you need to re-read the RNS's and listen again to the interviews.
worth a look
SCIR have $3M USD of cash
mcap £6m
sale pending worth at least £20M or $26M USD.
yet some are negative here.
plus other assets producing Revenues.
bargain bargain at these price
Next generation of bag holders , raise your hands.
To be honest, you won't be bag holding for too long, give it a month or two
PIs played today…it’s ridiculous. BoD should have released this a lot earlier!
funding squared [ a good rns] [gla]
What a joke hahahaha
Just knew this was gonna get pumped by 70% only to drop back to 16, just like the last few times.
At least that is out the way, next news please.......
All fine with me, I'll top up at ridiculously low levels again!
Placees flipped at around 70-80% profit, nice work if you can get it!
Placing pump
O dear
wooosh all the way down to placement price as if by magic
0.14 pence (0.259 AUD cents) per share (Placement)