Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Load of tosh that Conger - Joe has more than done his bit and got the Cambay deal over the line, in what it sounds like difficult circumstances - I have a lot of experience dealing with offshore resource and communication is sometimes not easy. Once GOI approval comes they can choose to do what they want with that site. Either way they are in a much stronger position than they have been in sometime. I personally believe they will crack on and continue to develop Cambay as a resource. Don't see why you would go to all that trouble buying it to just sell it on again.
We need a someone steering the ship that can open us up to new projects and ventures and thus, revenue streams - this has to be the right way to go - no-one wants to see this dwindling around the 0.20-0.30's forever. Moreover, Joe will stay on as an Exec so I don't see an issue at all operationally, only positive. Gla.
I don't see any positives in this tbh.
Right in the middle of some really important projects, the driving force behind it and CEO jumps ship, effectively.
I not trying to be negative but where is the upside?
Not wanting to be down on the new boss, but we now have an unproven CEO, taking the reins on project spread across the world at key moment when we are likely looking for a JV in India.
Come on Joe this timing is bad.
Well whatever they’re doing they need to get their act together and get the SP moving in the right direction! Lol
Also thought the following comment by Joe might be significant.
"During the next few months, we will determine the Company's optimal participation level in the project and re-commence operational activities. Over the past few years, we have continued to review additional projects while also continuing to progress our UK assets." Another hint?
Yeah it is speculation to give valuations, but I don't think there's any harm in people giving there opinions on the value based on the available figures and information.
Yes agreed. There is very little chance of getting all of the contingent resource,but the point is what would somebody pay for the asset now, when no one knows how much can be got out at commercial flow rates? Not by any means certain anything will happen but if it does, maybe they will wait until next year when a firmer valuation can be made. Anyway, no point in endless speculation. Gla.
New CEO/DIRECTOR based in UK .
Is Irish sea project about to take off.. ;-)
Yeah I was still using the contingent amount, maybe I shouldn't but, I still see the potential of the 900 bcf, times by $1.79 per mmBtu makes about a billion pounds. Why would we get the whole value of the gas, there is still work to be done, you never get the value of in the ground , so I give a low value of 10 percent, I think that's average as far as I know.
Looks like a great appointment, plenty of the right experience. He will want to make an impact soon too. GLA.
Have actually thought for some time that it was not completely impossible that they would get out of India in the longer term to concentrate on the uk. I thought they hinted at it when they first decided to dispose of the Australian assets 18 months ago. They made a comment about it being appropriate as most of the shareholders were in Europe. Not saying it is likely but wouldn't rule it out completely in the medium term.
Pysblore. Are you having a laugh? A billion? When Oilex bought 55% for 2.2 million? Even if we assume the true value is 25 million that values 100% at 45 million. Whatever it is why would they only get 10% when they own it all?
All only speculation and may never happen but food for thought. Gla.
That would be interesting. Often when the board reshuffles there is corporate action on the horizon
So if it was a complete buyout of the Indian operations. How much is that worth. I thought at least a billion, so maybe we get 10 percent of that?
Rather than a JV a complete buyout of the Indian operations is on the cards and refocus on other operations with cash in the bank to move forward quickly.
Not disputing that Axel, however I’d have been worried if they announced such without making any revenue. In my simple mind it would have been ludicrous- balanced in my view, atb
Reefles, you probably know better than me. It’s not like he is taking over an oil producer that has much revenue is it, or a current oil major. I’m sure it can be reassessed at some point, should it become profit making/via jv cash injection
Agree Gordon, makes sense seeing how they have kept talking about UK in their recent updates - even in what they called CAmbay update
I thought that was a suspiciously low salary. I'd be happier if he had decent share options as an incentive.
Very interesting. Sounds like a shift in the longer term to more emphasis on the uk.
£150k/year. Clearly they believe we’re headed for a bright future! Atb
Extract:
Roland's appointment is a significant addition to the Oilex senior management team, and the Board of Directors believe he will play an instrumental role in leading the Company through a new and ambitious growth phase.
Roland is a geologist with 45 years' experience in all of the world's major oil and gas regions. Roland founded and built Star Energy, the UK onshore operator of 25 oil and gas fields, through to its listing on AIM in 2004 and its sale to Petronas in 2008. During its evolution, Star Energy grew rapidly through acquisitions and diversification, culminating in it becoming a major gas storage developer and operator. Throughout his career, Roland has founded and managed a drilling services company and has developed and patented several key oilfied technologies. He has extensive experience in both project and corporate management. Roland aims to bring further growth and innovation to Oilex with an initial emphasis on generating strong cash flows from the Company's Cambay gas field and expanding Oilex's UK interests.
Roland and the Board believe in the crucial ongoing role that natural gas will play in the energy transition as part of a mix of energy sources required over the next 30 years. Roland will seek to transform Oilex into a carbon-neutral company with carbon capture and storage (CCS) being one future area of focus.
New CEO appointment!