Member Info for gordon1237

Sam, what on earth was 2Z 23Z supposed to mean?

Qs. They were actually two steps ahead of us. That was were the original leak occurred, with massive volume and increase in sp. That in turn forced Oilex to issue the rns, followed by the increase here. Atb.

Hope you are right Qs. Got to he a concern that the "advanced" talks are taking so long though. Interest in Oz seems to have evaporated. Zero volume overnight. Atb.

feels like I have spent half my life waiting for Oilex. Bet I'm not the only one. Lol.

This from the dispute resolution rns of 9th September 2019.
"Pursuant to the Agreement, the Event of Default (EoD) declared by Oilex pursuant to the Cambay Field Joint Operating Agreement (JOA) has been withdrawn and GSPC will formally terminate arbitration proceedings lodged with the Singapore International Arbitration Centre (SIAC) and remove the stay order granted in the High Court of Gujarat."
Atb. Gla.

Yes Conger that's correct. The money was lodged with the court so that if the arbitration went against gspc the cash could be paid to Oilex. They did lodge the case in the Singapore arbitration service but the case never took place due to Oilex and gspc reaching a private agreement. Subsequent to that Oilex withdrew the event of default notice (EOD) and gspc withdrew their counter action. Not a lawyer, but that must mean the court judgement was then nul and void.
Presumably gspc had their cash returned.
As I said earlier none of us know what that private agreement meant with regard to the cash calls and how what was agreed then affects the current situation. Arbm

That's exactly the point demark. The court couldn't decide who was in the right in 2018. Therefore they told Oilex and gspc to go to arbitration. They did not say gspc should pay Oilex. So rather than let the arbitration body decide, Oilex and gspc negotiated amongst themselves for 10 long months. So in September 2019 we were told that gspc would try to sell their share and that the cash calls had not been waived. Also that Oilex would continue to engage with all parties, including any new partners, for their their recovery. So we do not know, who, if anybody, is liable. We may get it all, we may get nothing, or something in between. As usual, we do not know. Dyor. Atb.

Not sure in whose interests it would be to frustrate this. Oilex want to get it done, gspc want to get it done and if the financiers are coming on board, they will want to get it done. Atb.

Discussions were said to be advanced 3 weeks ago. I think we deserve an update. Even if they can't give a timescale, something like "discussions are continuing" would be reassuring. Otherwise, confidence will ebb away, along with the sp. Gla.

Hi Conger. Lloyds not exactly a short term pick for me. First invested in 2004 at 414p. Been one thing after another. The financial crisis, followed by the ppi scandal, followed by Brexit, followed by the pandemic. Years without dividends, then restored, then cancelled again, now restored at at a low level. Might even get my money back before I'm past caring. Lol. Atb.

Well abstrade, we know of one poster who has 40 million. Nowhere near that myself. Atb.

Just wait until news drops Steven. Then it's all hands to the ramps. Lol. Atb.

potted history

That's the whole point MC. The Indian courts couldn't decide who was at fault and said go to arb and sort it out amongst yourselves. Rather than do that Oilex and gspc decided to negotiate between themselves. That was in late 2018. We were told agreement was expected in early 2019. Actually took until September 2019 when we were told that gspc had agreed to sell their share of Cambay and all legal actions on both sides had been dropped. They had already tried to sell it once in 2016. We were told that Oilex had not waived their right to the cash calls and would continue to engage with all parties, including any new jv partners for there recovery. Very unclear from that who was now liable.
Gspc were required by the agreement to use their best endeavours to complete the sale in 90 days, which should have been by the end of 2019.
In January 2020 we were told a preferred bidder had been identified by gspc and in March that we were waiting for due diligence and government approval. Then came the pandemic.
The next we heard was on 15th February 2021, that Oilex were bidding for the 55% which presumably meant the preferred bidder had pulled out.
So, after all that we still don't know what had been, or will be agreed, with regard to the cash calls. We may get nothing, we may get it all, or something in between.
Apologies, if I repeating what most already know. Just thought a pitted history might be useful to some that don't. Atb. Gla.

This is a problem they say is on their list to fix, Steven. Believe it when I see it. Atb.

Should be OK. Dividends restarting albeit at a lower level. Now one a quarter. First of 0.57p goes ex on 15th April. Paid 25th May. Atb.

I thought they'd already said they would. Atb.

Yes Callum. Been creeping up for a day or two. Have been held back by the Brexit deal which didn't do much for financials.

From past experience wouldnt Bank on it yelnirb. Atb.

Mind you this board does have it's moments!