Member Info for gordon1237

Thanks Namco. I try to do that. However, I was really convinced this mornings rns might put us back over 0.2 at least. Feeling much less confident now. Atb.

Well there we have it. Yet another disappointing day in the never ending series of Oilex false dawns. Gla.

Here we go? Now 0.169 to buy. Gla.

The trouble with the efficient market theory is that it says the sp is a reflection of all known information about a company. The trouble with Oilex is that there always seems to be stuff we don't know. Atb.

Can get a quote of 0.148 to sell but nothing to buy.
On the way up soon?

Given that depth of feeling from gspc, I do not believe they would negotiate for
10 months only to give Oilex everthing they wanted. After all they could have done that right after the court case.
As for losing face, I would think they would feel they are losing just as much by letting it go for 2m as they would if they said it was really 7.7 million and they had deducted the cash calls. Anyway, maybe we'll find out or maybe not. Atb.

In amongst all the abuse gspc have received over the years for withholding the 5.5 million cash calls there is one thing that never seems to be taken into account. That is the amount they had previously paid into Cambay. That is about 50 million usd for almost no return. To me that emphasises how angry they were with the previous OILEX management and how justified they felt about not paying.

We are not arguing Sam. Just discussing the significance of the low price and cash calls etc.

Conger. That whole section looks like a cut and paste job from previous rns's. Guess we'll find our in due course. Atb.

Hi Callum. Don't agree with Conger then about the cash calls being discounted from the price? Don't believe that myself. My personal opinion is that the 543,000 is probably all we are going to get. Can't imagine why gspc would agree to the lot if it was more than twice the sale value. Atb.

You might be right Conger. I did originally say way back, that the price of the 55% was all important, as that would put a price on Oilex's 45% and affect how much they could raise for drilling via farm outs etc. Maybe the market is viewing it like that. Different situation now, you'd think they are only getting for 2.2 million as they are now the only game in town.
Don't really buy that the 2.2 million is discounted by the 5.5 million cash calls. Can't imagine gspc agreeing to losing that %. My gut feeling is that 2.2 million was the minimum that could be offered and the 543,000 return of cash calls is an agreed 25% of the sale price. If you did happen to be right and the "real" price was more like 7.7 million it would be a case of Oilex shooting itself in the foot. Atb.

Wtf is going on? Now 0.145 to sell.
OK there are still big uncertainties over how it will be financed but that was the case on 15th of February when we first knew about the proposed sale. Now when it likes like we might get it for. much less than imagined the price goes down. What are we missing? Baffled. Gla.

Conger. It's a bit hidden towards the end, under "Basis of preparation", 2b.
"In addition, the Group and GSPC are in advanced discussions where it is proposed for the Group to acquire GSPS's 55% participating interest in Cambay for US$2.2 million. The Group is in advanced discussions with third parties to provide finance, including working capital, to the Group should this acquisition occur." Atb.

Separate rns about the raising. Dilution only about 6%. Gla.

Oh. Just checked asx again. Actually finished down 20% at 0.2 cents, equivalent to 0.12 p. Of that's right, a bit concerning. Gla.

Well, like the song says "I wasn't expecting that!"
Looking very promising.
Qs. It's not that unusual to include in a report events that occur outside the reporting period. However, it's usually things that have already been revealed in a previous rns. You'd think this amount of new stuff would warrant a separate rns.
Here we have a few things that they seem confident will happen. Receipt of 543,000 usd in cash calls, sale of the 55% for 2.2 million usd and a sneaky £350,000 raise.
I for one, wasn't expecting the price to be anything like as low as 2.2 million usd. Wonder if that was a minium that was set for Oilex's first right of refusal, if there were no longer any other bidders?
The 543,000 expected cash call is very close to 25% of the expected sale price of 2.2 million. Can't help but think, that perhaps that was the deal agreed back in Sept 2019, that when gspc sold, Oilex would get 25% of the sale price as a contribution to the cash calls. Of course at that time Oilex would no doubt have expected the price to be much higher. If that is the case, doubt they will complain at only getting that amount, if it means getting the 55% for a song.
Cant really work out how much dilution the raise means without knowing the issue price.
Of course, what we don't know yet is how they will finance the purchase plus drilling costs etc. They mention the possibility of raises and/or farm outs.
Callum, not sure of the relevance of the bit about Magna. Unless it was to infer that the 55% was worth a lot more than Oilex hope to pay.
Given that it looks much more likely to go ahead, you would expect a decent boost today. Strange that there has been low volume in Oz and only a 20% rise to 0.3 cents, equal to 0.17p. Going to be an interesting day. Gla.

Looks like I was too optimistic. Lol.

0.17

Made my day Callum. One of my favourite tracks from one of my all time heroes. Atb.

It will just be a bog standard interim report covering up to December 2020. No surprises. Atb.