Member Info for gordon1237

Thinking about, we could hope that he has learnt from the past and in saying 3 months he actually expecting GOI approval quicker.

Just listened to the interview again. Didn't exactly come over as excited, did he?
One thing I noticed was he emphasised the technical issues at Cambay and said getting the gas out was not a slam dunk, unlike Joe who said it was not a complex process. Gla.

The thing about Oilex under this and the previous management is that they seem never to have a clue as to how long things will take. OK you can blame it on the Indian bureaucracy and general way of doing things. However they must be aware of that so why have constantly made time predictions which were hugely wide of the mark.
Just to give a few examples. After the court case in November 2018 we were told they were negotiating with gspc and a settlement was expected early in the new year. That dragged on and on and on, until finally 10 months later in September 2019 we were told gspc had agreed to sell their share. We were told to expect completion within 90 days. The deadline for bids was extended twice. The end of the year came and went. Early in 2020 we were told a preferred bidder had been identified. By March we had heard nothing. Then came the pandemic. Obviously can't complain or blame over that,but for the whole of last year we were kept remarkably uninformed as to what was going on. Out of the blue in February 2021 we learned that the preferred bidder had pulled out. and Oilex were hoping to buy the rest of Cambay. Hallelujah! Early April. Its definitely going ahead. Double Hallelujah!! There would be a fund raising to pay for it, completion by the end of May. Actually end of June. Also told GOI approval and completion of deal expected by end of Q2. That is past and gone and now without a word of explanation or apology we are told, the next few months. If it is really say end of Q3, say September, I doubt my prediction of drilling results by Q1 next year will now happen. Let's hope for once it comes quicker than expected.
I know most of the delays were out of Oilex's hands but it is baffling how they consistently get it so wrong.
The only thing now that could arrest downward drift is if they announce details of some new project and or finance details.
I am glad that, more by good luck than judgement, I was able to get out with a profit and an now only playing for fun. Feel really sorry for those that aren't especially Steven. Hopefully it will all come good in the end.
Anyway on a brighter note.
Come on ENG--ER--LAND!!!!!!
Atb. Gla.

Not sure why there would be an exodus. He really said nothing that we didn't already know. Then again as you say people lack patience. Unsurprisingly he answered none of the key questions about finance etc. Gla.

Obviously the new guys are confident they can get the cash to get things moving or they wouldn't be here. Let's just hope they keep the interests of existing shareholders in mind.

Exactly Espen. That's why they won't ask any searching questions.

He used to lie awake at night wondering if there was a dog. Gla.

Sorry Steven. How about a joke to cheer you up.
Heard the one about the insomniac, agnostic dyslexic?

Qs. My point is they could at least ask the bloody questions. Otherwise whats the point? It's not all dependent on thd Indians. Atb.

Sorry if that comes over a bit grumpy but that is how I feel at the moment for reasons I won't bore anyone with. Gla.

Yes, well these people never exactly ask any searching questions. OK they might not get straight answers but they could at least try.
Here's what I would like to have answered.
Why when gas is so crucial to the Indian Economy is GOI approval taking so long?
When would you expect the two existing Wells in Cambay to be producing and what is the expected revenue?
How are the proposed new Wells to be financed and what will be the % reduction of the asset and/or shareholder dilution to achieve this?
When can we expect drilling to start?
When can we expect drilling results?
You talk of other acquisitions and moving into other areas. Can you give us more information on timescales and finance for this?
I am there are others that could be asked and as I say doubt he would give much away but it would be nice if they made the attempt. Gla.

It was also mentioned somewhere that because they had been shut in for a couple of years the pressure would be greater than when they were last producing.

Yes Callum. Talk about deja vu. It's 2017 and gspc are about to sell their share of Cambay. Wonder where Oilex would be now if they had succeeded?
It also confirms the cost of vertical Wells at 2.5 to 3.0 million usd each. The cost of horizontal Wells is pretty frightening at 6 to 7 million. Atb.

Yeah. Looks that way Espen. Doubt he would be allowed to reveal anything significant that wasn't already in an rns. Atb.

Hope so. Atb.

Hi WTB. We were origonally told GOI approval by end Q2. So who knows now. You'd think as soon as that goes through, the sale will complete. Given the time they've had, surely the jv/finance arrangements must be announced shortly thereafter. They can then get back in the field and restart thd old Wells. Don't know how long that will take. I guess it's a bit more than turning a valve after being shut in for years.
For the new Wells they need to order long lead items, recruit staff etc. Be surprised if we get the all important drill results before Q1 next year. Atb.

My prediction for the end of the day. It'll get dark. Gla.

Schrodinger's cat is a good metaphor for the Oilex uncertainty over the years.
https://en.m.wikipedia.org/wiki/Schr%C3%B6dinger's_cat
One of these days the cat may be out of the box. Gla.

We probably all need one of those. Lol.

Could be Callum. Let's hope the new CFO can persuade someone to give Oilex 20 million for 10%. Lol. A bit like the nutters who go on Dragon's Den and ask for 50 grand for 5 % of a business with no revenue. Atb.