Member Info for gordon1237

Certainly hope your right guys about the 0.5. Should get a good idea Monday night from oz. Atb.

Callum. I think you'll find drilling of two Wells will be a bit more than 2 million. Don't think it's there any more but st one time on the website it said the two Wells would cost 2 to 2.5 million usd each. Atb.

Thanks Callum. Yes I am a lot happier than I was two days ago now I have had time to reflect. Atb.

reduced loss or increased profit

Mind you, it does highlight the absurdity of creative accounting. Gspc won't have any more money and Oilex won't have any less, but one set of accounts will show a reduced liss or profit and the other an increased long term loss.

Note to self. Read things carefully. Lol.

Apologies Conger, just realised you said the 125 million would show up in the accounts of gspc as a profit. Think you are right. Atb.

Yes, also agree that the higher market cap should make it much easier to finance

Hi Conger. Can't agree with either of your main points. The 125 million can't magically become a profit. That is money that had been lost by the Cambay PSC over many years. Previously that loss has been split between both companies accounts, 55% to gspc and 45% to Oilex. All that has happened is that Oilex's accumulated losses on the project will rise from 56.25 million to the full 125 million. Not sure how that will show up in the accounts but it can't be as a profit. It's only advantage will be to set against future profits for tax profits. Will be a long time before the 56 million let alone the 125 comes into play. Still could be a long term advantage and attract new partners.
I also think that the circa $543, 000 cash call payment mentioned in the accounts rns is all we are going to get. It as a fraction under 25% of the 2.2 million that Oilex are paying. That small deduction may be a few thousand in fees. I am only guessing but my feeling that the original settlement when gspc agreed to sell to a third party was that Oilex would get 25% of the sale price as a contribution to the cash calls. At that time of course nobody thought the sale price would be so low. Joe may had said differently in the past but circumstances have radically changed.
Obviously true that Oilex now own all the assets so that's a definite step forward. Can't wait for Monday night to see what happens in Oz. If it goes above 0.55 cents will be a great indicator for Tuesday. Atb.

Hope you are right. Would be nice to get a pointer Monday night.

Yes. Unless there are developments before Monday evening I would imagine asx will simply mirror the UK and rise to between 0.5 and 0.55 cents. If it goes higher it will be a good sign for a Tuesday morning. Atb.

Hi Steven. It depends on what happens next week. I am hoping that Mr investment is right and hype over the weekend gives it a boost on Tuesday. I will monitor it minute by minute if it goes up and as soon as it falls by say 10% will try and get out. If I can get in the low 0.3's I will be content. Could be more, who knows.
Quite honestly wouldn't be surprised at anything. Could go up a fair bit, could fall further. If I do get out might be tempted back in depending on how it looks when we know more. I would be surprised if it wasn't lower when financing is announced but then again I suppose if Joe got a great deal?
Looking back on yesterday, I am furious with myself. It happened as I was hoping that is the sale was announced with nothing about financing. In that scenario I was expecting a peak followed by people wondering about the funding and subsequent profit taking. That exactly what happened but when it fell from 0.44 to 0.38, instead of selling, I waited for it to go up again. Of course it just drifted lower for the rest of the day. As wolf used to frequently say to me "muppet". Lol.
Obviously can't advise you Steven as I can't even follow my own plan. I would say if you decide to get back and wait for drilling results that could be some way off. Maybe late this year or early next.
I hope none of that comes over as self pitying. Prior to yesterday, if I had been told I could get out at 0.29 for a small loss I would have been over the moon. Before 15th Feb, I was giving myself a less than 10 % chance of breaking even. So I will be grateful if I can get close.
Good luck to you and all others with whatever you decide to do. Atb.

Ssccss. I don't think you would talk about making slightly less due to placings if you had endured more than 80% dilution in 6 years as I have. Lol.

MP. The court case was about 5.5 million disputed cash calls. Certainly not 55% of 125 million which was the total loss on Cambay.

Fair enough Callum but not all the time. There were many times I could have sold the lot in one chunk. If I'd known, I would have tried doing it in two chunks.

Thanks for that MI. Re selling in smaller Chunks. Am now wondering if that's why when I tried to sell at 4.20 it refused the sale. Except a minute before I could have sold. Atb.

Not sure what you are referring to Steven. A lot of Profit taking, probably due to the uncertainty over financing. Wish I'd had the sense to sell our in the mid 0.3 's. Not sure how it will move on Tuesday. Might get another opportunity. Well done on getting out with I'm guessing about 50% profit. Atb.

loss of

MP. Don't want to be rude, but you can't seriously believe this twaddle? Gspc did not owe Oilex 55% of 125 million usd. That sum is the total historical liss of the Cambay project. As part of the deal Oilex are assuming the extra 55% of that. It can then be set against future profit for tax purposes. It will only become relevant if Oilex make astronomical profits at some point in the future.

Well done Conger. Nice to know someone did the sensible thing. Atb.