Member Info for Callum28

RNS Number : 9639P
Oilex Ltd
15 June 2020

ASX-AIM Announcement

15 June 2020

ASX: OEX
AIM: OEX

Addendum to Notice of General Meeting



Oilex Limited (ACN 063 613 730) ("Company") advises that it is sending to shareholders an addendum ("Addendum") to the Notice of General Meeting dated 26 May 2020 in regard to the General Meeting to be held at Leederville Function Centre, 246 Vincent Street, Leederville, Western Australia on Tuesday, 30 June 2020 at 10.00am (WST).

Pursuant to the Addendum, references to Republic in Resolution 7 of the Notice of General Meeting are replaced with 'Republic, Novum Securities and TH Investments Pte Ltd'. The amendment follows on from the Company's announcement of 27 April 2020 where it advised that it had arranged a £250,000 equity capital raising with Republic, of which £200,000 was to be issued under the Company's existing ASX Listing Rule 7.1 capacity.

Of the initial issue of £200,000, Republic subsequently acted as principal for £80,000, with the remaining issue being to Novum Securities for £20,000 and TH Investments Pte Ltd for £100,000.

A Proxy Form, which remains unchanged, also accompanies the Addendum and will be provided to all shareholders.

Shareholders are advised that:

If you have already voted and wish now to vote on Resolution 7 or otherwise change your proxy vote, please complete and return the Proxy Form accompanying the Addendum.
If you have already voted and still do not wish to vote on Resolution 7 or otherwise change your proxy vote, you do not need to take any action. The Proxy Form you previously submitted remains valid.
If you have not returned a Proxy Form, please complete and return the Proxy Form accompanying the Addendum.
Proxy Forms must be returned to the Company no later than 10:00am (WST) on Sunday 28 June 2020. Proxy Forms received later than this time will be invalid.

For further information please contact the Company Secretary on +61 8 9485 3200.

Mark Bolton

Executive Director and Company Secretary



For further information, please contact:

Investor Enquires

Oilex Ltd

Joe Salomon

Managing Director

Email: oilex@oilex.com.au

Tel: +61 8 9485 3200

Australia

AIM Broker

Novum Securities

Broker

Colin Rowbury

Email: crowbury@novumsecurities.com

Tel: +44 20 7399 9427

UK

AIM Nominated Adviser

Strand Hanson Limited

Nominated Adviser

Rory Murphy/Ritchie Balmer

Email: oilex@strandhanson.co.uk

Tel: +44 20 7409 3494

UK

Media Enquires (UK)

Vigo Communications

Public Relations

Patrick d'Ancona/Chris McMahon

Email: patrick.dancona@vigocomms.com

chris.mcmahon@vigocomms.com

Tel:+ 44 20 7390 0230

UK

OILEX Limited

(ACN 078 652 632)



ADDENDUM TO NOTICE OF GENERAL MEETING

I hate to say it but I think covid may have had an effect on the timescale
https://www.bbc.co.uk/news/av/world-asia-india-53014213/coronavirus-overwhelmed-india-hospitals-turn-covid-patients-away
Hard to say as India just came out of lockdown I think

Oilex needs finance but I don't think that will just come from assets value alone.
Ithink we will get a raised share value when we see who the new partner is
And to shareholders that always going to be key

Do I live in a mansion ,nope just two modest properties in London Lol
Still mortgaged by the way !
But it does illustrate all value is realtive to what the buyer precieves has worth.
It applies to house prices in London (your not paying for the house just it's location)and the same applies to oilexs worth.
It won't be in the value of the land but in oilexs knowledge as operators of that field

That's what I was trying to point out to Gordon Conger the value of the land does not and will not reflect the value of oilex intellectual knowledge and experience.
That would be reflected in the share price not the land value.
We know oilex have unlocked the cambay field Fracking process or are very close too.
https://www.sharecast.com/amp/news/aim-bulletin/oilex-unveils-favourable-fracking-analysis-for-cambay--2827749.html
Every time they have failed in the past they have moved a step closer to unlocking value.
That value won't be realised in the land asset sale alone just like Amazon and Facebook and Microsoft when the first started out the share value is in the ideas execution
My point is don't judge oilexs share value just on what price the asset goes for (which I hope is decent)
The real value is how much an potential partner IS willing to put in to unlock the asset or drilling
To me what we sell cambay for is secondary to WHO is going to be are new partner
That's where the real share value is !
Hope that's clearer
Cheers

Ok Gordon let's call a spade a spade
If it was 3 m for cambay I could probably go to.my bank.and ask for a loan on my house and raise it myself
The issue is not how much is spent on the land but who can unlock value and what will it cost..
ONGC commited a large sum what will they buyer commit.
No offence by the way as I really respect your opinion!

DYOR
Gordon xx

I don't think it is irrelevant Gordon say some potential partner offers 10milliom for cambay land but invests a quarter of 259 million to develop the drilling
How does that value cambay

https://energy.economictimes.indiatimes.com/news/oil-and-gas/ongc-to-spend-rs-2393-crore-in-drilling-145-wells-in-cambay-basin-in-gujarat/68942153

How much is 2393 core in GBP ?

Certainly ONGC want to invest in Cambay

Thanks conger
For clarifying
Fingers crossed we get some news as per timetable

Hi Gordon
Space X just launched a few days ago so I reckon we will be back to the moon in next few years
(Bit like Oilex ) haha

https://youtu.be/BHIo6qwJarI

I would imagine we would have to wait till all 12 bids for the Gsphydrocarbon block of which cbay is one c are signed off and all transaction s completed .
It's seems quite a big undertaking and I doubt they would sign off Oilex ahead of the other Bock's which were put up.
Bit like.being a huge housing chain sale ,it takes time

Yuri
just to be clear is the Delay at the GSPC end in your opinion or at the Goiverment regulatory sign off?
Cheers

I suspect GSPC are just as desperate to get the deal done as we are
https://www.petrowatch.com/synopsis.php?artId=18423&w=1

The vehicle that would front the transaction is Th investments which is the asset company
Which has sales of 19m a year these guys are just all about assets management so oilex would run the boots on ground show
https://www.dnb.com/business-directory/company-profiles.th_investments_pte_ltd.8938941f94e0a23420bbc84a675d5808.html

As i said it's just a guess and something to do while we all twiddle or thumbs and wait

AHMEDABAD: Gujarat State Petroleum Corp (GSPC) has finalized four private firms, including one foreign entity, for offloading its stake in seven oil and gas blocks. The selected companies include billionaire Dilip Shanghvi backed Sun Petro, Kiri and Company Logistics Pvt Ltd, Gujarat Natural Resources Ltd (GNRL) and Singapore based TH Investments Pte Ltd.

https://m.timesofindia.com/city/ahmedabad/gspc-begins-process-to-sell-stake-in-7-onshore-blocks/amp_articleshow/74999891.cms?__twitter_impression=true

Thanks toTopaim stocks on twitter

As i said just a guess

ok but its only a guess
TH INvestemnets PTE is a wholly owned subsidary of TAT hong investments PTE wihich is a wholly owned subsidary of CHwee Cheng and sons PTE
all based out of singapore where Repblic is and where Ai li Cheng is chief Fincail officer
https://www.bloomberg.com/profile/person/19029457

TH investments are on of the copmapnies bidding under the Auction for GSPC assets

He said there are at least ten companies, including one base ..

Read more at:
http://timesofindia.indiatimes.com/articleshow/69833695.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

As i said just a guess
Cheers

https://www.forbes.com/lists/2008/79/biz_singaporerichest08_Ng-Chwee-Cheng-family_WU31.html