Member Info for Conger2

Also a £10m offer with the support of the operator is much better than a £10m without it. The tenders were closed and i think the top offer they got was around 20m USD for the 55%, but because of corvid they pulled out.

I know this as 100% of Cambay had to valued at around £30m UKP for the the share target asset price that was expected.

The other bidders pulled out. and GSPC had agreed to sell, they had too and only Oilex left in the room.

If you take on 2.8m in costs for someone it is the same as paying them. so it is 2.8m + 2.2m + 5m for 55%. ie 18m for for 100%

They were the only offer left and also wrote off about 5m in outstanding cash calls, took on 2.8m in costs liability and paid 2.2m and they were only paying for 55%....

Like i keep saying they paid considerably more than the 2.2m headline figure in fact it is 10m USD, at a point GSPC was forced to sell it

Even using that cost for it = $18m USD for 100% of Cambay.

Gordon.

4.4M USD is 3.2 UKP but it is Aus $ not USD.. my mistake.

At 30 June 2021, Oilex retained cash resources of A$4.31 million. The Company has no debt. - this better news. :)
Under valued

UK Cap --- £11m

Vs - Assets of

£3.2m in cash
100% of Cambay Worth Say £25m less £1.5m owing. - £23.5m
17m Armor Shares - £0.26M
100% of P2446 (Irish sea) -
TBA% of West Kampar (described by Joe as a field that can quickly be turned in positive cash flow)
10% Timor missus £.6m liability
Historic cost asset - £89m

throw in a JV paying say £10m for 40% for Cambay

they are in much better shape then the last few years., very much under valued.

Cambay valuation based on share target price range post 100% control of Cambay. I see this as sitting on £35m plus Cap based on a good JV announcement with over run .75p-1p on the day, this is what I expect in the next 8-12 weeks as a peak.

Strong buy.

Share Prices are confidence driven Gordon, based on even pessimistic Asset values there is no need for this to go under .30. Once the GOI signs off the next focus will be JV and Oilex will have control of the time table again going forward.

Hi Callum<

I took the view would i buy at this price if i did not have holdings and tbh fair i think you be mad not too.. This has got to be go much higher on what we know is happening. So unless something has very wrong this is a buy right now.

So I picked up 15m today sub .18p, if this does not get back well over .30 on the GOI sign I will be shocked so in the next 8 weeks, this should double from here on that basis.

Imj, this is just not news the Darth of Oilex.

It is really annoying, but a complete over reaction vs the asset value.

This could easily get over 0.75 with a good JV announcement, revaluing Cambay, which you would expect pretty quickly after the GOI announcement.

i have taken 10m too all under 0.18 this is far too cheap!

The change in time table from Joe to Roland's has never been explained, i bought based on Joes timetable expecting some slippage with room for error, but the GOI sign off feels excessive long for what should be a formality, shocking bureaucratic delays on top of delays that are all costing Oilex money.

Unit GOI is sorted we can't progress the JV .....

Some may think India does not need the energy!!

I need to post more it seems then lol

It will come back in the end.

The Sale agreement was effectively announced in 15th Feb 2021., funding in April, Agreement sign off in June and now we still wait for the GOA sigh off.

It is nearly six month later and all the time we are burning cash.

This what i posted when the new CEO was posted and i slammed for it, i have seen this too many times in companies, new CEO means delays.

"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."

Share price stalled and tanking yet again...

So annoying this should be motoring, but the change of management and ensuing lack of communication is once again killing things.

Why are Roland and Joe not out selling the plan and the company in every media outlet they can, putting public pressure on the GOI and getting things going.

I would not be surprised if he needs to pass suitability checks, being a director in the company holding a nationally recognised asset, with the GOI and a failed company just after he left in the past is the sort of thing Civil Servants get jumpy about.

I was concerned about this and said so, a new boss is delaying timelines as he wants to do it his way with his people.

This is really not helped by the deafening silence.

The last 5m is a buy me.

Buys and sells are often wrongly reported.

good damn, you can change the past Gordon! it has not baring on the future.

hello Mr Positive :)