Member Info for Conger2

Why do you think there was Chaos at Oilex today?

Yuri, same something useful, if you have an opinion back it with facts.

I don't see GSPC and Oilex on the same page.

They are not making joint statements.

Also, does the fact GSPC owes the JV money, " have an adverse effect upon the consummation of the transactions contemplated by this Agreement."

I think the Tender documents has errors in it, for instance the 4,00,000r number in there twice is it meant to be 400,000r or 4,000,000r ?

I don't see any mentions of the complete 90 days best endeavors either, GSPC is not taking this seriously IMHO. But i don't see plenty of opportunity to delay the transaction completion.

It is a really armature document IMHO, when you read the small print and clauses, aggressively written in GSPC favor.

I can not find anything about outstanding cash calls or liabilities, prior to the tender acceptance date.

7.2 Farmee’s Representations and Warranties
Except as otherwise disclosed in the attached schedules or information furnished in data
room or during due diligence process, whether verbally or in writing, Farmee makes the
following representations and warranties to Farmor as of the Effective Date;
A. Claims and Litigation.
There are no material claims, demands, actions, suits, governmental inquiries, or
proceedings pending, or to Farmee’s knowledge, threatened, against Farmee which
would have an adverse effect upon the consummation of the transactions contemplated
by this Agreement.

i was wondering should i be out for the weekend?

Another exciting message about how they are pay Brad 16k for longer now he is leaving with the asset he brokered the deal for.

Yippee, this should make our share rocket...

Setting an end date past 90 days in the tender document is clearly not using best endeavors!

The RNS from OILEX was implicit, what ever the tender documents say.

Sale completed 90 days from the 24th of Sept.

"As previously announced, the State Government of Gujarat and the GSPC Board of Directors' have approved a sales process for many of GSPC's Indian E&P assets. Oilex and GSPC have now agreed to include GSPC's 55% Participating Interest (PI) in Cambay PSC in this sale process. GSPC has also undertaken to use its best endeavours to complete the sale process within 90 days from commencement, which is anticipated to occur on or about 24 September 2019."

GSPC as ever is taking the **** our o us.

This should have sailed up to 2p and beyond if GSPC had stuck to the agreement completing the sale in 90 days, instead we have more dilution of shareholder value as the clock ticks on with overheads to pay, little cash and no income.

It feels like investors are getting feed up, no really movement on good news RNS's anymore, it will take good reported numbers to get this moving I think.

It just all taking too long.

Cant believe it is at 16 again!

Complete steal if they sort out Cambay.

I think my average is mid 20's now.

GSPC have a lot to answer for.

Chesh we are owed 5.6m from GSPC and we do it with a preferred bidder backing us.

None of this detracts from the fact GSPC owes the money of course.

I never understood how the cash calls will form part of the deal.

Surely GSPC owes the JV the money. Why would a new player pay money owed by GSPC to the JV and therefore to Oilex?

Oilex has already written off the majority of the what GSPC owes them in their stat accounts, under pressure from their auditors.

I am not clear if the money owed to Oilex by the JV or the money owed to the JV from GSPC is still in the JVs accountas, as logic would suggest not if Oilex has been forced to right it down, the JV will not show the debt.

Please note the sells and buys are not accurate on AIM, they just guess using an educated guess based on the price.

If it low they list as red as sale and high they say it is a buy.

I keep saying they have not given up the cash calls.

Actually i have put a lot of money on it...

I have flagged this as a route to ownership a few times.

I out money on Oilex has bid with a preferred partner like this, maybe every bid in the mix.

No company would make a bid fo this without talking to Oilex first, it would be commercial suicide.

"The Board has assessed many options to maximise value for our shareholders and the proposed sale of the Cooper-Eromanga Basin assets to Doriemus ensures that Oilex retains material leverage to the Cooper-Eromanga Basin assets without the associated funding burden and consequential dilution. The decision also reflects Oilex's dominant European shareholder base and trading volumes on the London AIM.



Importantly, it allows the Company to focus on its core assets in India and expand its portfolio in the UKCS which we look forward to progressing. In any event, it is anticipated that eligible Oilex shareholders will also have the opportunity to increase their exposure to the Cooper Basin portfolio via the priority offer in the proposed Doriemus capital raising. We will update shareholders in due course with further details in this regard."

https://www.lse.co.uk/rns/OEX/extension-for-acqn-of-cooper-eromanga-licences-sa2cefxhv9xjjt4.html

https://www.lse.co.uk/rns/OEX/sale-of-cooper-eromanga-basin-assets-tfj5a6dthtd7whr.html

So yes we made profit in the future in shares .... But no lose as we got them for nothing.

Bound too they have in the past. 3 years ago. But GSPC did not sell.

This time GSPC have to sell!