Member Info for Conger2

I knew about this Callum. I was shocked then read the details. 3 year blocks? Useless tbh

Well it is Friday afternoon in Oz summer... maybe the beach?

https://www.lse.co.uk/rns/OEX/oilex-ltd-financial-report-for-year-ended-30-june-2018-27jsa55ua7rwrl1.html

Ops 2018 not 2019

https://www.lse.co.uk/rns/OEX/oilex-ltd-june-quarterly-report-2019--j5vdfcqd8ir63u3.html

"At the start of April 2018, the Company received notification that the Ministry of Petroleum and Natural Gas had approved the proposal for the grant of ten year extensions to both the Cambay and Bhandut PSC. The applications were lodged in September 2017 ahead of the PSC expiry dates of September 2019. Securing this extension was important to regaining momentum in the Company's key asset at Cambay."

From June 1/4 2018 1/4 report.

It is the JV that owns the rights for exportation etc for the next ten years in the agreed part of Cambay.

So GSPC is not selling Cambay as such it is selling it's 55% in the JV which has 55% of the mining rights.

It is perfectly normal for the existing share holders to have first refusal on such a sale or holding in a JV.

I do think Oilex could have clearer on some of their RNSs but i read them like they have always said there are bids for the 55% of the JV.

QS,

1. That was under the last management of Oilex.
2. GSPC is in administration and strapped for cash.
3. The JV had not delivered to that date.
4. GSPC was trying to not pay Oilex.

I could go on, it is not something worrying about, we know GSPC do not want to pay Oilex, like i keep saying the cash calls will be settled at discount in the in the end the more people believe GSPC case the more the discount will be.

I hope we get the news RNS soon as I have an ISA in this and need to move house soon. So it would really handy to have a few muiplies!! Lol ??

Yes his hands are tied at the moment to say nothing.

To far no mark I think the RNS out are saying that anyway.

Spot on exactly. Joe is playing the bigger man as courts like that. They like reasonable behaviour.

Oilex knows GSPC therefore has at least one bid, and that is why no court yet. As going court could costly and in fact delay the outcome.

I think GSPC has been stitched up like a kipper tbh.

Gordon, I think you are missing a few things thier.

1. GSPC had to sell in 90 days or Oilex take them back to court, and can at any moment now.

2. There has been no mention of a minimum price.

3. Oilex could beat the minimum price anyway.

4. I would bet everyone bidding would have spoken to Oilex as their new business partner.

5. Oilex would have a preferred partner, they would of had one ready to bid.

6.Therefore GSPC has at least one bid, Oilex if only in settlement of the cash calls.

Oilex are in stronger position than many are giving them credit for IMHO.

I would guess they did not offer as much as GSPC wanted. Not sure why they did not get it under first refusal rules then?

This time they have formal agreement that GSPC have to complete the sale in 90 days, which is being ignored. I think the point is Oilex would have with a partner put in bid this time again.

I suspect the delay might be GSPC, crying over the price. lol

I mean think about it, no one is likely to bid without agreeing it with Oilex there new business partner, don't you think?

I am not sure GSPC was looking to sell in formal process then.

https://www.oilcapital.com/companies/news/170398/oilex-bids-to-take-all-of-cambay-field-170398.html

I can only asume they had the backing to do this, in 2016 so that is unlikely to have changed now?

Just read this on another board. No idea of the truth of it and there i not links to the info.

Smackeraim - 7 Jan '20 - 23:25 - 22764 of 22780 Right basin, different field - there were 9 other unsuccessful bidders including Oilex.

Oilex offer buy GSPC out in Nov 2015 remember?

https://www.indoasiancommodities.com/2015/11/15/oilex-offers-to-buy-out-gspcs-share-in-cambay-block-report/

Of course there is something on the table if only Oilex getting this for a song.

Wow, i really can believe people are so nervous, the share price is a utter gift at this level, if i di not have so many shares and i be buying more!

The asset value of this company alone is many times its capital share value.