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Added some more at 0.30 today.
This price soon will be history....
Tranche 1: 405,000,000 ordinary shares issued at GBP 0.238 pence for £0.964 million under the Company's existing ASX LR7.1 capacity. Completion of this equity issue is anticipated in early May 2021.
Tranche 2: 603,403,361 ordinary shares issued at GBP 0.238 pence for £1.436 million subject to shareholder approval being obtained. Completion of this equity issue is anticipated in late May 2021.
So when do these shares go available?
Bit surprised at how discounted the placing is. Hey ho, onwards and upwards.
Eua placing 22p... Full market price....
Every placing in the history of AIM is at a discount! Fact!
Let’s just step back a minute and assess what’s happened.
Of course we knew dilution was coming but little did we know how quickly...
Then you read the details... at a discount.
Why do people discount prices on a product? To get them shifted quicker.
Quick dilution, discounted prices?
I think the tables have turned and it’s now Joe is under pressure to get this sale wrapped up quickly. The sale approval from the GOI is going to come a lot faster than you think.
Yes. Good positive reaction in Aus.
Securing 100% of CAMBAY is almost done now. Just final approval by Indian Govt who obviously wants a bigger player to come on board to fully develop this massive field.
JV partners news next.
asx up 20% on just a small volume but now that the corner appears to have been well and truly turned I'm quietly confident that small incrimental rises will follow as they work towards the major goal
Shares in Oilex Ltd. rose on Wednesday after the company said that it has arranged the funding required to complete the acquisition of Gujarat State Petroleum Corp.'s 55% participating interest in the Cambay production-sharing contract.
Shares at 1255 GMT were up 0.07 pence, or 22%, at 0.39 pence.
The U.K.- and Australia-listed energy company said that it has arranged an equity capital raise of 2.4 million pounds ($3.3 million) with existing shareholders and clients of Novum Securities Ltd.
The company said it will issue 1.01 billion new ordinary shares at 0.238 pence a share via a subscription, a 23% discount to Tuesday's closing price of 0.31 pence a share.
"Following completion of the transaction, Oilex will hold a 100% participating interest in Cambay, and as previously announced, this will provide Oilex with the ability, subject to sourcing the necessary additional funding, to restart field work including a work program, consisting of the drilling of two vertical wells to appraise the Eocene gas accumulation," the company said.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
Rolling
Love the recap. Keep it coming mate. We all need reminder of why we got onto OEX in the first place.
Upside is MASSIVE. Company is following due process as you would expect to get it over the line and back of the net.
That bigger picture is now emerging, great news. :o)
A few £Million to get access to a possible £11 Billion's worth of Gas, not to mention the Oil and Condensate.
I keep focussed on the information from JS and he couldn't have made it clearer for the listener in his recent interview.
_____
Joe Salomon interview a few weeks ago..
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 / Condensate to add into the mix too.
The 100% of Cambay is hopefully the game changer but its going to take time to rebuild confidence after five years of audaciuos schemes and chasing rainbows
Yes i do and the assumption is entirely wrong.
I have no concerns of underperformance, share prices are not rational.
JS has done an amazing job to get Oilex this far and I have ever confidence the share price will be many times what it is today in the next 12 to 18 months, but i also am expecting the share price to drop much lower than today if there is no news in the next month.
I reiterate, i have no idea when news will come.
Conger
You know exactly the point being made.
Nothing but extolling the many virtues when buying and holding followed now by 'concerns' of underperformance having now sold.
All Jrl highlighted, far more succinctly than me, was the transparency and hypocrisy of it all.
While the words chosen may be different, I agree with the sentiment.
"Which you saw as a positive at the time when you held ..."
but also I knew the majority would not understand the under value, many on here were expecting a higher sales price for the 55% of Cambay and were basing their valuations on that.
I am not trying to drive the price down or i would have given a reasoned argument why it is overprices, i don't think it is over priced at all, i even think it will go considerably higher in time.
I just know Oilex under performs on no news and as i said on no news for a month i would expect it drop below .25 maybe even 20, i have no idea if there will be news or not!
Which you saw as a positive at the time when you held, so the pretence for justification doesn't stand up.
Regardless, the principle of trying to promote a lower price having sold, whether a profit was made or not, is not one to be proud of. Quite the opposite.
Wow I am famous.
I was expecting a different out come, I had my reasons to expect the prices i posted and I think we will still see those this year with a fair wind and a bit luck.
But the deal as it came out was a surprise, so low a price was paid by Oilex many had expected 20m plus USD.
Thanks Rolling, for keeping me straight. Indeed, not much point in that I agree. I don’t get this attitude at all myself. Hey ho
Espen
I enjoyed a profit in WEB too and if they sell their USA licences at some point, it'll be a lot higher than it is now.
What I didn't do, however, was post that I thought it was going to drop once I'd sold.
Not the decent thing to do and poor character.
As I understand it, the finger was initially being pointed at Conger, understandably, and not Gordon.
Definitely a good judgment, profit is profit. My other play #web finally took off recently and stayed up but if you had played the spikes over the last two years, you could have bailed long time back. A goal is a goal at end of the day - sounds good Gordon
Jrl. Thanks for proving my point. I do remember the song "Gordon is a moron". Lol. I like you, have no idea whether it will go lower. I was merely saying if it does I may consider it value and have a bit of fun for a lower stake. Atb.
Gordon
Nothing wrong with trading any stock to make a profit, that's what we're all here to do in any stock but I believe the point being raised by Jrl, albeit expressed in a manner that you don't appreciate, is the transparent hypocrisy in the posts.
Suggesting 0.2's having sold, a figure plucked from the ether, compared to suggesting the opposite with reasoning for being so undervalued when he held stock prior to last Tuesday, combined with lines, such as:
_____
"I suspect it go over 1p maybe near 1.5p even on the day"
"Mass game changer ... 1p plus."
"So I really thing 1p is not unrealistic in short order"
"5 bagger on here on news... "
Etc, etc.
Conger
That's exactly what you wrote on Friday too, no doubt hoping for a lower 'buy back' price after selling on the Tuesday.
______
Conger2
Posted in: OEX
Posts: 444
Price: 0.32
No Opinion
RE: Conger is out ----07 Apr 2021 15:34
Just worked out my average sell price was across 7 deals of 5m each ie 35m shares on Tuesday was .45 have to be happy with that.