Member Info for Callum28

“ONGC has agreed to evaluate the blocks, but if it declines to buy, GSPC will seek the interest of other exploration and production companies. GSPC plans to close the sale by November,” said the second person mentioned above, also requesting anonymity. Shame we don't have any spare cash !!

GSPC has decided to farm out all non-operated blocks and has thus approached ONGC to take complete ownership of the blocks that they are partners in. There are five such blocks. ONGC is evaluating the blocks. https://www.google.co.uk/amp/s/www.livemint.com/Companies/M1KwAup4fmIi9xAju2JfCK/ONGC-in-talks-to-buy-five-GSPC-blocks.html%3ffacet=amp&utm_source=googleamp&utm_medium=referral&utm_campaign=googleamp

Link does work as I've had cases up

Case link should pop up down bellow ,maybe I should have kept it too myself and had a jump on the market,but I genuinely would love to seenoilex succeed .We are so close yet so far .

Put oilex in as respondent and then 2018 as year ,that worked for me or something like that.

http://gujarathc-casestatus.nic.in/gujarathc/#

https://stockhead.com.au/resources/oilex-runs-afoul-of-indian-bureaucracy-as-it-goes-up-against-state-owned-partner/amp/

Look like the live mint article pointed in the right direction as to what was coming. Just going to sit on my Hands and wait !! GLA

“In fact, GSPC has rejected Oilex’s May 29 letter and asserted that it is not a valid default notice since it pertains to amounts not approved by GSPC as part of joint operation and for amounts pertaining to sole operations of Oilex. Oilex has also in the past admitted to such non-approval of GSPC. Therefore, all actions that Oilex is attempting to take in furtherance of its May 29 letter are invalid,” said GSPC in its response Seems that the halt could be due to GSPC raising a legal challenge Or Due to ongc and other struggling to make shale gas work this is a political decision from the very top that oilex offers the best way forward. https://www.bloombergquint.com/business/2018/07/30/no-commercial-discovery-of-shale-gas-reserves-in-india-yet-says-pradhan#gs.ktLh3Ds Its a tough call but I'm hoping that GSPC political masters are pulling the strings GLA

Gspc arnt that skint that they can't fight a legal battle ,however this is a political decision same as Ongc decision to buy GSPC kg basin block .That was all politics and I suspect this is too .Let's see what GOI have to say on the matter .

I'm tempted to give Joe a call and ask him what he thinks of the article?

Its an interesting article and certainly makes one think ! The key to this whole mess is what stance GOI takes on this .Good luck all

Oilex has also formally requested the Directorate General of Hydrocarbons and the ministry of petroleum and natural gas to affect the transfer of GSPC’s participating interest (PI) in the Cambay PSC to Oilex. Its pretty obvious that this is now a political decision as most business decisions of a major nature in India are

“In fact, GSPC has rejected Oilex’s May 29 letter and asserted that it is not a valid default notice since it pertains to amounts not approved by GSPC as part of joint operation and for amounts pertaining to sole operations of Oilex. Oilex has also in the past admitted to such non-approval of GSPC. Therefore, all actions that Oilex is attempting to take in furtherance of its May 29 letter are invalid,” said GSPC in its response.

Oilex (OEX LN – 0.22p) – Taking Control: The disclosure that the Company has issued a default notice on its Cambay operating partner, Gujarat State Petroleum Corp. (“GSPC”), underlines the growing confidence within the business. While GSPC is a state entity and Cambay forms a small part of their portfolio, there is little to be gained from allowing a recalcitrant operating partner to act against the interests of the wider operating group. While we anticipate an “amicable” resolution, which will come either in the shape of a revised work programme, payment of past costs, or both, this news underlines the fact that after so many false starts and new directions, the Company is once again stepping forwards confidently on its principal asset.

Be nice to see it go up and not have to continually average down. Good luck all I'm in here long term by the way !!

"In accordance with the JOA, GSPC can remedy its default by settling the outstanding amounts. If this does not occur within 60 days, the Company may issue a notice whereby GSPC shall be immediately deemed to have transferred all its participating interest in the PSC to the non-defaulting parties, ie. Oilex. "

Oilex have to issue the notice to GSPC before GSPC can legally respond, so the critical period will be the few weeks after Oilex issue there notice.

Thats how I read it , Open to suggestion though

https://www.cnbc.com/2018/07/12/spare-oil-capacity-could-be-stretched-to-the-limit-by-opecs-supply-.html

http://www.theedgemarkets.com/article/global-lng-new-spot-supply-tender-cancellation-saps-spot-price

https://india.mongabay.com/2018/07/10/fracking-or-food-the-oncoming-dilemma-for-water-stressed-agricultural-areas/