Member Info for Conger2

» In addition to the £2.4 million equity capital raising, the Company anticipates receiving cash proceeds of US$0.29 million in regard to the sale of Bhandut shortly and further proceeds from cash calls for its Indian projects.

Does last few words suggests they are getting to an agreement with GSPC over the $5m in outstanding cash calls?

I think we are with in 10% of the bottom so have increased my holding today massively.

If it drops from here shares will dry up and become much harder to get in quantities.

I am changing my view on it dropping to below .25, i think the fact they are already drawing down the money from the shares proves they are 100% sure the deal is done, as there i no way the investor would be stomping up the cash if it was not.

It is used for tax relief against future profits ....

I see this dropping to below .25 on NO NEWS now, they have given away about 20 % of the share capital, at 23.8 with full rights, immediately tradable and warrants attached, IE they are better shares than us.

I will more than likely load up if it gets around .25.

This will climb well beyond .50 on good news, maybe pushing beyond 1p, later this summer and Autumn, it will have a few peeks and troughs along the way though so if you time it right a very good return can be made.

Thinking about the Shares issue, in late May this deal will not be completed before then anyway. So I have about a month to see .25p. I suspect the JV will be announced after then.

I wonder if Oilex is going to get much more aggressive with the disputed the cash calls owed by GSPC in June, I know i would?

Tin hat on.....

You can see how they have done it though as 15% of 16m Cap is 2.4m so it kina makes sense the share price set itself.

My view the share price will go nowhere while they are issuing 1b shares it will equal about 15% of share cap at .238 pence.

It is the deal they had to do, but it is what the farm in partners are willing to pay that counts, in the meantime the existing shareholders just got diluted 15% and the shares were issued at a 25% discount.

Short term pain for hopefully longer term gain.

It does not fund the drilling

"The Company is considering various funding options for the drilling program including potential farm-in partners. To this end, several parties have expressed interest to the Company in farm into Cambay and the Company will consider its options in the ordinary course with due regard to the best interests of its shareholders."

Good liquidity buy and sell I am finding.

I struggled to buy today... I i even had to split a 5m into 3m and 2m to get the shares!

I do think this share has some liquidity issues, but it aim with 14m cap so i guess it to be expected.

Yes i do and the assumption is entirely wrong.

I have no concerns of underperformance, share prices are not rational.

JS has done an amazing job to get Oilex this far and I have ever confidence the share price will be many times what it is today in the next 12 to 18 months, but i also am expecting the share price to drop much lower than today if there is no news in the next month.

I reiterate, i have no idea when news will come.

"Which you saw as a positive at the time when you held ..."

but also I knew the majority would not understand the under value, many on here were expecting a higher sales price for the 55% of Cambay and were basing their valuations on that.

I am not trying to drive the price down or i would have given a reasoned argument why it is overprices, i don't think it is over priced at all, i even think it will go considerably higher in time.

I just know Oilex under performs on no news and as i said on no news for a month i would expect it drop below .25 maybe even 20, i have no idea if there will be news or not!

Wow I am famous.

I was expecting a different out come, I had my reasons to expect the prices i posted and I think we will still see those this year with a fair wind and a bit luck.

But the deal as it came out was a surprise, so low a price was paid by Oilex many had expected 20m plus USD.

I think I am looking sub .25 for a buy in for me.

If gets down to .20 I would go large again.

I think it might get into low 20s again on a month of no news tbh...

I am struggling to find another investment with similar short term potential. lol

I suspect it might drift int the .2 again over the next few months / weeks and i might take a significant holding again if it does.

GSPC has been forced into this position Gordon, they might have wanted to sell in 2015, but never in month of Sundays would they have imagined they would be forced to sell at 2.2m USD, oilex.

I have had enough conversations with Joe to know that an important part of GSPC really did not want to sell this to OILEX, but government political pressure, the court and agreement them made has slowly force them have to have to finish this. As Cambay is seen as a massive strategic gas reserve for India that they needs to be developed.

GSPC/OILEX has not been properly functioning partnership for years.

Just worked out my average sell price was across 7 deals of 5m each ie 35m shares on Tuesday was .45 have to be happy with that.

less than 8 years more like 5 or 6 years

As LTH I know a lot more could of happened, and there is lot more potential grow here.

It taken the best of 8 years from my first investment at 3p, so much averaging down ended up with a 50m share holding, but rightly or wrongly i am out with about a 90k profit over all.

Good luck to all those who ride this dragon in the future.

Gordon I hope you got your price, so you relax more in retirement?