Member Info for gordon1237

Me neither, but a shame the old bugger didn't quite make a hundred.

Callum. Great song from a great album. Atb.

Yes Rolling thats correct. Don't forget though that Oilex's share may be reduced to that sort of level with a jv. They want to hold on to a bit more and keep a majority share. One final point though, your figures for the value of the 170bcf sound about right but it is the % profit on that that values Oilex. Atb.

no longer valid

Thanks Rolling. Yes I was aware of the changes and the reasons for the reclassification of the 1P, 2P and 3P resources as contingent in June 2016. Those reasons are as you say are no longer valued. I was merely pointing out the the 3P resources prior to that date at 170 bcf are a more realistic measure of what might be recoverable. Still pretty big but nothing like some of the numbers quoted here. Atb.

Conger. I was also thinking that in the absence of news it might drift to that sort of level and it might be worth a punt for a much smaller stake. Atb.

Agreed Conger that there was no way gspc could expect to have to sell for so little. Essentially, due to the unfortunate circumstances. Oilex got lucky after so long. Presumably, gspc must have turned down much higher offers, including Oilex's in 2016. Looks like the board is also holding a fascinaation for you. Lol. Atb.

Too right span. Don't no why I am watching, really but some of the outlandish comments about resources seem to hold a morbid fascination. Lol
Anyone who wants to get an idea of the real size of the resource needs only to look on the Oilex website.
Did you listen to Joe's interview? He referred to a "contingent" resource of 960bcf, or just under 1 trillion. For those who don't know, contingent means that the gas is there but probably not commercially recoverable. Understandable that he would be as bullish as possible though. More realistic are the website numbers under 1p, 2p and 3p. These are respectively proven, probable and possible reserves.
Thought that might help some with the much vaunted dyor. Atb. Gla.

Fair enough. At least we can agree that it all dragged on a ridiculous amount of time. The way it turned out Oilex would have been in a far better position. If they had simply written off the cash calls about 4 years ago. I doubt many on here are interested in what seems like ancient history.

One final word. Its nonsense to say Oilex didn't have the 200,000 given that they lost 3 million usd that year and 4 million the next.

Thanks Darren. In fact you only have to read that rns and few subsequent ones to confirm that gspc complied with the legal requirements and there is absolutely no reason to expect they will renege on the current agreement. I mean why the hell would they? We know they have wanted rid of Cambay ever since they previously tried to sell it in 2016.
I was just trying to correct a point of misinformation for those who weren't aware. Not sure why I bother now I am out. Atb.

The whole point was that the case was not "awarded" to Oilex as you say. The judge couldn't decide and ordered gspc to deposit the cash in case the arbitration went against them.

Correction.
If gspc had not deposited the sum

Sorry Obone but you were innacurate. The rns "High Court update" was 16th November 2018 (not 18th). It contains this passage.
"Oilex Ltd (Oilex or the Company) advises that it has formally confirmed with the High Court of Gujarat, India (the Court) that Gujarat State Petroleum Corporation (GSPC) has submitted the required funds in compliance with its order. Pursuant to the order issued by the Court, as announced by the Company on 5 November 2018, GSPC was required to submit 30 crore rupees with the Court by 15 November 2018."
If gspc had deposited the sum by then and instigated the arbitration proceedings they would have forfeited Cambay.
There were subsequent updates stating that negotiations were ongoing to avoid arbitration. Then in September 2019 there was the settlement rns which stated that agreement had been reached and all legal actions had been withdrawn by both sides. Atb.
.

to be out

Hi yelnirb. It does feel a bit strange to be our and on the sidelines after 6 years. Truth is I shouldn't really care now, but it's hard not to take an interest. There are a lot of things posted that are simply not accurate but there's little point in commenting. Only corrected that one because it was pretty black and white and neutral. Atb.

Obone. That is not accurate. Oilex did not get a default award which was ignored. The court told Oilex and gspc to go to arbitration. They filed for the case at the Singapore arbotrstion service but ultimately reached an agreement for gspc to sell their share before it got that far.

Hi Steven. Yes, a bit ironic that only the other day you commented on this board being a lot more pleasant. Good luck for the future.

Hi Conger. Yes especially as you'd be lucky to get 0.32 now. I'm well happy with my 0.407.
Feels almost ghoulish looking at the board now when one is out. The amount of crap being spoken now is unbelievable, with talk of 30tcf and majors queuing up. I'd say lol but for the fact that it can deceive the unwary. You know who you are so don't accuse me of having an agenda. I dont.
May just post occasionally when the old names pop up. Atb. Gla.

Thanks Span. It will be nice to have a dispassionate view. Atb.