Member Info for Conger2

https://www.morningstar.co.uk/uk/news/AN_1613383188691116100/oilex-in-talks-to-buy-partners-cambay-stake;-trading-halted-in-sydney.aspx

https://markets.ft.com/data/announce/full?dockey=1323-14864782-535ACB517AM3VRLRS4L60KUE2N

Cambay is worth what someone will pay for it ....

GSPC figure would be driven by audtors ... I don't know if you remember span I am qualified accountant myself.

My figures will be reasonable or not time will tell. :)

I personally believe my figures are very conservative, but if conservative figures looks like 1p plus on the day I would like to wrong as I am petty confident I much more likely under than over.

span it is a court / politically lea distress sale so no... in theory they have to sell to Oilex at any price.

They will be offered some face saving deal I am sure though.

I no idea I have not read it tbh. I have my own sums that I am happy with.

GSPC are highly pollical and I don't believe a word they say around this.

SPD exactly ... but there is more than just Cambay, so the cash / Armor investment / Indonesia and Irish sea.

Hence I think around .65p on asset value alone.

I suspect it go over 1p maybe near 1.5p even on the day and settle back out around .8p - .9p on news certainly north of .6p.

Absolutely you were in ball park for me Yuri.

I am not sure everyone jumped on you tbh.

Do you need a hug?

They were spend with out authorisation as GSPC just delayed authorisation of the budgets, they were p[laying games and near bankrupt themselves.

The make Oilex spend all GSPC needed to do was sit on their hands, OilEx had fund the entire project for while expecting it back from GSPC.

Yes I think your right.

The whole court case was about the none payment of cash calls by GSPC, so Oilex issued a default notice to GSPC, and then tried to enforce it in court, which if the judge had done would have given them the rest of Cambay.

I wonder if there is still GSPC Cash call cash is still sitting in the Escrow account?

All a bit frustrating tbh.

I would not be surprised if they announce while the markets are close Gordon over the weekend then.

I have been luck enough to talk to Joe and Ron a few times over the years as I have a lot of skin in this game. I have not been given any insider information, but I have clarified things like the cash calls still be owed that were missing in the Tender documents. They should of been showing as liability in the JV but they were not, which imho is wrong of GSPC as they put together the Tender docs.

Joe made it clear they were still owed them and they will looking for ways to resolve it as part of any new deal.

And their was a RNS sent to make sure it was clear in the public domain, it was always their but not as clear as it could have been.

And £30m assets is about .65p shares price.... but it will over shoot and there is a lot more value in it.

S0 Oilex 45% £20m the cash calls say £5m the bits and bobs £5m = I saw Oilex around £30m net assets.

This deal though changes everything though as they have they will have £50m to £60m of assets, so it is very much what it costs them ...

I think the preferred bidder offered around £25m for 55% so do the maths.

GSPC expected Oilex to default out of the JV at the end of the first 10 years licence so made things hard as they were going bankrupt (GSPC) and the JV had not succeeded in making money yet. But to GSPCs shock Oilex got another 10 year licence and took them to court under a default under the JV, which was inconclusive,. So they went to binding arbitration, which was stopped when due in no small part by India political pressure on GSPC to sell. Which they tried too, under best endeavours within 90 days, but they dragged their heals and then COIVD-19 came along delaying everything and all their proceedable buyers have gone from the tender except Oilex. Which was the default buyer.. They must sell to Oilex or retender and quiet frankly they will crucified in court if they don't sell to Oilex.

This my take on what happened.

No not really tbh, they have a plan b in place already.

Indonesia.

GSPC has to sell, and they have run out of other choices if they are selling to Oilex.

I suspect they will just sell off the Stake they get from GSPC, and make a tidy sum profit, new partner with neew money.

Cambay back on with funding.

This is much bigger than many on here realise, the upside opportunity is huge as they will getting GSPC stake at a massive discounted price.

I have a very good idea of what the preferred bidder offered for GSPC that was accepted as I know the post deal forecast share price Oilex was expecting from this.