Member Info for Conger2

Greg please go read what i said again, i am a qualified accountant with over 25 years experience.

It will reverse booked costs shown in GSPC, hence create a profit in GSPC.

Mr Positive, you can only net profit off the same trade and there is geographic restrictions too in most tax jurisdictions. so not that simple.

Okay I am an qualified accountant btw .......

In GSPC books they will removed the $125m of costs associated with the loses they have made in the Cambay which will credit $125m to P&L and therefore a profit!

In double entry terms cost = Debt P/L Credit Balance sheet ---- Reverse those costs Credit P/L and Debt Balance sheet.

From Oilex Point of view, i think they might be off balance sheet now anyway and only held in the a Tax memo, but once OILEX has a real prospect of making ongoing substantial profits ... they can be in a deferred tax asset against it, ie Debt Balance sheet (Deferred tax) Credit P/L .

It might sit in the JV books, i don't know it is a complex area of accountancy and different jurisdictions will differ around the world, Aus is very similar to us and my quantification is recognised by them, but not in India ..

Joe rings me when I contact him Calum. Not spoken to him for while but to be fair nothing i need to ask him at the mo.

I also have not though about the onsite assets and liabilities, plant equipment etc that would have all now become owned by the Oilex though the JV, a lot of money have been spent on Cambay, and this would have created balance sheet assets, much will have been written off due to accounting rules, but typically it will still have significant value.

Oilex has also shown time and time again it can raise financing, with higher share price that becomes more viable, i do see Oilex moving things along now, and think that Joe has done an amazing job to keep the faith and get this over the line.

"I also think the Oilex will carry on pursing the outstanding cash calls, with a deal will done on in the end with GSPC to settle it at a discount."

I have already discussed this with Joe in the past.

I think cost of the 55% has confused the hell out of people only 2.2m USD

This is especially true as i was expecting, around 25m, USD and had very good reasons to expect that, I still believe that GSPC been boxed into this sale at an extraordinarily low level, because of COVID, the agreement they made and the other buys could not proceeding, leaving OILEX as the only buyer in the room.

GSPC will be able to sell to there stake holders as they will see £125m of accrued losses moved from their balance sheet, which will read as a profit in their accounts, i think. I have work out the accounting on it, but i think that is right.

I also think the Oilex will carry on pursing the outstanding cash calls, with a deal will done on in the end with GSPC to settle it at a discount.

Sorry to hear that Gordon.

I swooped my Lloyds shares in an ISA to Oilex about 4 weeks ago and sold at 0.385 making over £30k profit on the day on them. At one point was offered .44 for them! so not perfect must not grumble though as I am actually in the black with Oilex now! when at one point i was over £80k down.

I am still holding 30m+ shares in pension for the longer term run over the next few years.

MM is holding it back buying shares at 0.42p

0.42p now.... MMS desperate fore shares to let it run.

MM buying 5m at 0.41p live.

0.39p now on offered on sell 15m shares

0.385p even on sell 15m shares offered

0.3585p now

Sell at 38p on 15m MM needs shares this is only going one way!

yes

0.26p even lol

pushing past 26p live

climbing again :)

You can add 50% to market cap with the 5m USD gross asset alone and we all know that is grossly undervalued.