Member Info for Conger2

If i was Oilex I would have put in my bid, and then not been "helpful" with other bidders so i ended up as the only bid and GSPC are desperate as it is going so cheap, because the agreement to sell in 90 days did not consider that any bid needs Oilex support?

It is still binding if they don't use best en devours ie they have a bid from Oilex and don't take it Oilex can take them to court. The India government signed off on this Gordon.

Just to remind people from 2015.

https://economictimes.indiatimes.com/industry/energy/oil-gas/oilex-proposes-to-buyout-gspc-in-cambay-oil-block/articleshow/49757065.cms

I wonder if Oilex is effectively able to turn away bidders, just because they don't want to work with them on the bid for instance, making bidding much more difficult and risky for the 3rd party.

It is not possible heir are No bids, as the agreement with the court is to complete the sale in 90 days not to sell for greater than xxxx amount.

So I suspect Oilex has made a bid with a financially strong partner, with a side deal to settle the cash calls, someone they know in the industry and can work with, and or just thrown a bid in for GSPCs 55% around the outstanding cash calls.

But who ever bids has to work with Oilex, so you would expect them to speak to Oilex as part of the bidding process anyway. Oilex has a lot more control of this process than first meets the eye if you think it though. I just can not see any other outcomes Oilex must effectively approve any bidder, i mean they have more information on the site than GSPC for instance, they have all the data, the tests, they are the expert operators, they have the 10 year licence etc.

You all just need to hang tough for the next few months and we will know for sure shortly.

GSPC will not be able to extend the sale completion date past the 90 days without getting into contempt of court IMHO.

I see this as a chance to pick up some more cheap shares.

"Oilex holds a first right of refusal where GSPC disposes of its 55% interest in the Cambay PSC."

I always read this as if Oilex bids and is the highest or only bid they win as GSPC can refuse a bid from them.

I with Tintin35 here.

If the 3rd party bids are low or none existent Oilex has a good chance of their bid wining, if the bid i s high Oilex's 45% is worth a lot more.

Where is the down side?

GSPC are not happy with the bid level at the moment, so are extending it, i can think of no other reason.

It clearly says further potential bidders... This means they have had bids and these are potentially more bids.

I read this as GSPC is not happy with the bids so far, which in turn would put Oilex at the front, getting Cambay cheap as the preferred bidder.

The good deal on leeks in Tesco at the moment...

The Sale of GSPC 55% is meant to be COMPLETED by the Dec the 25th, so they need to get on with it.

New will have to come out shortly.

I am not sure we will hear anything soon tbh, except if there is another extension, which i hope not!

I am hope of the BOD resolve of finding a way though this, they have lot riding on this too, in the form of reputation and one hell of a payout if they get the share back where it is meant to be.

This could just be the MM manipulating things a bit, i mean the spread have been mad the last few days?

if i get 2p a share and i am retired! lol

There are hardly any shares to buy, this is going to sail up today.
Already buys are at 0.22p

I just picked up another 2.9m around 19.5 to 19.6 Adam.

If this pans out in small way, there is still great deal of upside here to come.

We just need some luck to finally go our way, which is long overdue.

My view is either

1. It will be settled at a discount.
2. It will form part of the payment in the sale of GSPC 55% of Cambay with Oilex have first right of refusal.

Yes but GSPC dispute the amount owing although Oilex says it is owed to them and was all agreed. So there has been a long term impasse with it.

they must be some basis behind it all as the court and arbitration all came about as GSPC was not paying this money and not agreeing future work and cash calls etc.

GSPC has agreed to sell off it's part of the Cambay, endorsed by the government with this used as leverage, but it does not mean it will be paid anytime soon.

MOD of oilex are confident it will get sorted out in the end with the money being paid, it is just GSPC being difficult and delaying everything all the time.

It would nice to have an RNS is not about share dilution of give away's.

Mine XX million are in HL.

You do know that the system AIM uses means buys and sells are often inaccurate right?

For instance the 750,000 sell at 10.39 is me buying....