Member Info for Conger2

Really annoying the delays by so many in this process has cost us share holders so much value... gggrrrrr !!!

On the other hand the market is still there and growing daily, so is the opportunity.

You only lose money if you sell Stevenwest and it took me 6 years with a lot of averaging down to double my my money the first time here, so hold and pick your moment, sell on good news buy on bad.

I am not too worried about one day tbh... This share rattles around, and drops on no news. It is the reaction to News i am interested in.

No expecting any today.

I am a fellow of the Association of Chartered Certified Accountants, Gordon. :)

Gordon, of course you add the 13.5m it is will used to build assets that add to the balance sheet, these costs then would would normally be written off over the life of the project it is matching principle in accountancy, where you match costs to the revenue.

.38 p a share for Cambay and then add the 13.5m USD in the bank, then add Indonesia, UK the history the new drilling etc etc.

I think a good JV deal could take it over 1p on news Gordon at least temporally with the excitement and over run.

Gordon, it is reset of the valuation of the Cambay where the multiples come from, remember the low price they paid took into account the 5M USD outstanding cash calls, GSPC poor financial position, the avoidance of arbitration, the court case, political pressure to crack on ....

Oilex got an absolute bargain at $2.2m.

You Know I always felt this was the way forward, i hope they land a good deal, which will radically revalue the share price multiple times.

OMG its GOI not Local... makes no difference we are waiting on Indian's bureaucratic nightmare.

I was thinking 5-6m for the new wells as well by getting going, hence may drill alone.

You Bloody Scientist lol

ATB Conger.

We are waiting for 2 RNSs both of which the timing of is not 100% in Oilex control.

1. Is the approval of the Cambay deal by the local government, by all accounts this is bureaucracy holding it up and just a tick box exercise agreed already.

2. An announcement on how the initial drilling and reopening of Cambay will be funded. I hoped for a JV partner, and this would be announced by now, but they may drill alone so issue yet more shares. You would think they need the finial approval first to be able to do this.

The India civil service moves at its own speed, originally it was though they would have this final approval by now, so the purchase of 55% of Cambay and transfer can be implemented, but that has not happened yet, this is expected any time, but could be a few weeks or even months away yet.

I think it had no reason to go below this range in the first place, everyone knew the placing was coming at this level, so it was odd to see!

Talking of Jet2 .... If the JV at oilex news came in as I expected, i was looking at Rolls Royce and International Consolidated Airlines Group as my out of lock down tickets to retirement, both should double plus.

O well we will see.

Or maybe it is just hot air... lol

I saw a JV as the best way to fund the drills and commercialisation by selling say 45% of Cambay, it would also revalue Cambay for the share holders, as the current value is understated due to the low price paid for GSPCs 55%, which we now have had confirmed the low price is in not small part due to the $5M plus outstanding cash calls owed to Oilex being written off, as part of the deal.

This is what i posted when the new CEO was announced.

"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."

I think you both making a jump there.

It was always my opinion a JV farm in was the solution and the next big jump in share price, but like i said when we were told about a new CEO, it would push everything back, as Joe is not going make that decision of progress things with a new CEO coming in.

I had no way to know, a new CEO was coming, who did?

O i asked about a JV farm in at Cambay, and he said, they are considering options and have some potential suitable parties.

I got the impression, they are behind on this and no decisions have been made on getting a JV in or going alone at this point.

O and Indonesia is not proceedable yet, no licence issued, and the Cash Calls, were taken into account in the Cambay deal price, which goes a long way to explain the very low price they paid for GSPCs 55%.

He rang me also, but other that the focus is Cambay and the UK gave very little away.

Hey Gordon your were right the 1/2m is the full and finial settlement and the price they paid for GSPCs 55% of Cambay reflects the cash calls being settled.

My initial negative post, saw this just as delay to the JV, i have personal complex reasons why I need healthily jump in share price in thew next two months.

Having read about the guy in more detail, my only concern is the lack of India experience. On paper he seems like an ideal candidate, but any new boss I felt has pushed back the JV deal that should be all but signed by now. I suspect now with Joe stepping back, any JV deal is not progressed at all, as who would if a new CEO is coming in, then there is the further ratification 2 month delay!

Someone earlier asked were I think this is going, my focus is on the JV partner coming in, potentially causing a big short term boost. With out knowing the JV deal it is impossible to know the spare price but i would hope if and when announced it will take us over .50 and could take us near 1p on over run depending on the market perception of the quality of the deal.

Indonesia has also gone very quiet and i would expected more progress on that by now, as they said thus would have it back in production quickly, but it looks like it is stuck in bureaucracy with no work on site to reopen the producing wells.

The UK stuff is long term, it might amazing in 2-3 years time, but it just not my focus right now, i want to see the quick gains fixed so Cash flow is sorted. And Indonesia was sited as the quickest site to get back up and running about 18 months ago by Joe to me.

Also still no message on the $5m outstanding cash calls with GSPC owed to the Cambay JV and ultimately Oilex.