Member Info for Conger2

Had a call from Oilex this morning and my position is we just need to hang tough, this deal will/should happen and Oilex has the support for delays.

Oilex know who the buyer is and they are communication.
The buyer is aware of the outstanding cash calls and the cash flow implications this has for Oilex.
Oilex has the financial support it needs from Republic and Lombards to wait, and is cutting costs.
GSPC is still committed to the sale and it is progressing abet slowly.

We wait.

I keep having to remind myself what day of the week it is ....

Brad is the last of the Old BOD, so it is s clean sheet now.

I found this whole copper basin buy out thing contrived by Brad to give him a job to go too, and told Joe this in a email a few days before the Brad was fired/quit. I told Joe on Phone the same about one month ago as well. Brad was being paid $16k a month to do a deal he was benefiting from enormously takes the ****.

It was GSPC that agreed 90 days, best endeavours to sell their part of Cambay, but then put out a tender document that was always going to take longer, a absolute **** take. They should have had a 30 day interest period on the tender not 90 days to have any hope of hitting the best endeavours 90 days sales target, in court they would be slammed for this as this is not best endeavours, but i think Oilex just took the view lets get it done it be quicker just to wait, then try court again which could have cost loads and taken months. Only time will tell if that was the right decision.

I see this as saving $16k usd a month. Not insignificant.

He needed to go, he was taking the **** tbh.

If Oilex believed they could not work with this new partner and succeed they would not be saying they are looking for funding for Cambay but looking for an exit strategy instead and focusing on other assets.

And I have always said any bidder would be mad not to talk to Oilex before bidding.

I would put money on Oilex knows who the Bidder is and has a very good idea on what they offered, they are just not allowed to make it public.

"The Company also notes that the settlement agreement with GSPC has not waived the unpaid cash calls and, accordingly, the Company maintains its rights under the JOA. The Company continues to engage with all parties, including potential new Cambay joint venture partners, for payment of the outstanding cash calls."

This is the first time i have actually seen this in Black and White, they might get a big chuck of $5m back form the new JV partner.

I keep saying it is GSPC that are the issue it is not BOD, they are dealing with a dishonest company.

https://www.lse.co.uk/rns/OEX/oilex-ltd-high-court-decision-on-cambay-kzafzgehxu8al89.html

During the quarter, GSPC made no payments towards outstanding cash calls.

They were order to continue to make the cash calls, by holiday Judge.

I would be ex-tactic with 1p on the deal being done.

https://www.lse.co.uk/rns/OEX/update-on-cambay-sale-process-hxhv38yjk7gw2r1.html

"We note that the sale process of GSPC's PI is internal and confidential to GSPC. The Company will update the market once further information on the sale process becomes available."

This is why we know nothing.

https://energy.economictimes.indiatimes.com/news/oil-and-gas/gspc-and-oilex-jv-to-drill-new-wells-in-cambay-block-at-a-cost-of-rs-965-crore/69203833

1. Interesting i wondering if there is a miss print in it.

On 15 March 2020, the Company also advised that it had entered into an amendment agreement to vary the terms of its loan funding facility of £350,000 announced on 4 February 2020 (Series C Loan). Pursuant to the amendment, £225,000 of existing Series C Loan facility was to be rolled into a new £225,000 loan facility (Series D Loan). The terms and conditions of the remaining £125,000 under the Series C facility remain unchanged. The Company also agreed to the issue of 173,076,923 new options exercisable at £0.0013 per option on or before 30 June 2021 (Series D Options).


The Company announces today that it has agreed to vary the terms for the issue of the Series D Options where the Company will now issue of 204,545,455 new options (in place of the 173,076,923 options) exercisable at £0.0011 per option on or before 30 June 2020. In the event that the new options are exercised in their entirety, Oilex will receive cash proceeds of c. £225,000.

Check the new date ..... 2020 when the old date was 2021.

I would guess Republic is confident that this will done by 30th of June 2020 to do this?

2. More dilution of the share holders value though at giveaway prices....

LTH here I made my money back then believed we had it sorted with GSPC so got back and no I am about 70k UKP down...

I guess that is capitalism, or a corrupt business partner GSPC ?

Yes Gordon Oilex is on borrowed time. If this takes too long the value will wither away as it is.

Yes Gordon Oilex is on borrowed time. If this takes too long the value will wither away as it is.

mt worry is can Oilex survive long enough to see this though.

It will go to around .40 i think.
If GSPC had hit the agreed 90 days it would have over 1p.