Was looking in from work, an spotted this thread, an so for clarity, the cash call is in US$ and not Aus$, so the £ valuation is a little out......!
"By way of background, on 29 May 2018, the Company issued an EoD Notice to GSPC in accordance with the JOA for the equivalent amount of US$3,054,832." RNS Mon, 9th Sep 2019 09:08 RNS Number : 6346L........!
the difference is ~£800K to the good......... :)........atm.
All the best (Now what else is going on..........? :()
"Pursuant to the Agreement, the Event of Default (EoD) declared by Oilex pursuant to the Cambay Field Joint Operating Agreement (JOA) has been withdrawn and GSPC will formally terminate arbitration proceedings lodged with the Singapore International Arbitration Centre (SIAC) and remove the stay order granted in the High Court of Gujarat. "
but the Eod was not about getting monies owed ($3m ish), that was the cause of the Eod, the Eod was about getting GSPC share of Cambay BECAUSE of the monies owed.
"By way of background, on 29 May 2018, the Company issued an EoD Notice to GSPC in accordance with the JOA for the equivalent amount of US$3,054,832. The EoD Notice was issued as a result of GSPC's ongoing failure to pay its Participating Interest (PI) share of Cambay PSC expenses. GSPC failed to remedy its default within 60 days and, in accordance with the JOA, Oilex formally requested the DGH and the MoPNG in India to transfer GSPC's PI to the Company. This was announced by Oilex on 30 July 2018."
I therefore conclude, me lord :(), that the money is still owed, and hasn't been forgotten or used for a quick fix to the situation.