Member Info for gordon1237

Nobody going to comment on this effing disaster?Perhaps everyone's in a state of shock?

Yeah, great time if you want to throw good money after bad.

FFS. Are you psychic Yuri? Looks like you got out at the right time. Another record low. What a crock of s***t.
Looks like there's bad news coming.

Wrong song. Should have been.
https://youtu.be/Y-lI_tgQMMk

Blimey Yuri! Like the song says......
https://youtu.be/mqiH0ZSkM9I
It only seems like yesterday that you were giving me a hard time (in a jokey way) for being negative about Oilex and talking of 1p plus and dividends.
It speaks volumes that even you have finally given up and moved on. Then there are all the other arch bulls on here, who have disappeared. The likes of Chesh and the acerbic wolfofmiddlesex. Who's the muppet now Wolfie? There were numerous others who have moved on who like some on here now wouldn't hear of failure. They said the sp was a bargain when it was 5 times what it is now. What does that say about the catalogue of mismanagement over the years?
So what % did you lose in the end Yuri? Hopefully not as much as the 80% I am now down after todays diabolical drop.
If anyone says it is a bargain at todays price, I will scream.
All the best for the future Yuri and please drop in on us long suffering souls occasionally.

I don't think you should be calling anyone crooked on here. Incompetent possibly.

You should try going to bed at night Qs. Lol.

Lol.

Stop flirting Yuri. Lol.

Yeah, he seemed really convincing at the time. Guess he was just a more subtle ramper.

Couldn't agree more guod. Although the delays during the last six months of the pandemic were obviously out of Oilex's control the obsession with trying to recover the cash calls over the previous few years had cost them dearly. Even if by some miracle they were now to get them all, they would have been in a far better position if they had just written them of years ago.

A bit more than that Qs. For a long time it was about $250 to 300k a month. When I calculated it from the June quarterly report, I made it down to about $60 to 70k a month. So that's one I thing we can give Joe credit for, even if it was a bit belated. Atb.

Hmmm. Can't help but wonder if the drop over the lady couple of days is one of the inexplicable movements Spantrout was talking about. Maybe a raising coming?

See what you are saying Spantrout. It's the timing of announcements can make it seem above board by altering the perception of the true sequence of events.

Qs. After what Spantrout has said about Oilex, do you really think he would touch them with a barge pole? Atb.

Thanks Yuri. Guess I could have worked out the number of shares from the fact they have about 10%. From the numbers the value must be what they paid on average not the value now. Works out at 11 cents or about 8.5p. So yes about 99% down. Atb

Also, from memory, there have been a couple of times when Republic have taken part in a raising and a few weeks later there has been an rns satiny their holding is back to where it was, or lower than before the raising.,

Callum. You'd assume that's purely some accountants paper estimate of what the assets are worth. Doesn't mean a lot until those assets produce cash, either through production or being sold on. Especially when the loss on the year is a similar amount to those assets.
Spantrout, interesting comments where you say the big investors recoup their money on other ways. Some time ago Yuri posted a list of how much the big holders had paid for their shares. Not sure where he got that from? Anyway from memory, Republic, for example had paid tens of miiions for theirs and were about 99% down. As an answer to Qs saying why do they keep supporting Oilex if they think they have no future, I assumed it was because having put that amount in, they thought a few more 100k was neither here nor there, in the slim hope of it coming good. Are you really suggesting they could recoup that sort of outlay by trading in and out. Of course I am sure neither of us would suggest insider dealing. Not criticising your post, genuinely interested. Atb.

They have been in financial difficulties for at least 5 years but are obviously government backed.
They wanted shot of it but not for nothing.

Sorry Conger. Just don't understand your reasoning. You just seem to believe what makes you feel better about your investment.
You say you don't believe anything gspc say, presumably in reference to the link I posted earlier, regarding the massive amount Oilex spent on one well. Did they just make that up. Don't think so. Must be in the accounts. Also we'll documented that they had massive problems with one well. They also followed that up trying to sell CAMBAY 4 years ago. Unsuccessfully, presumably because they couldn't get the price they wanted. Don't know why Oilex didn't exercise their right of first refusal then when they had more cash.
You say gspc are trying to bankrupt Oilex out of the jv. Where's your evidence for that? Why would they want to? Presumably Oilex' s assets would be sold by an administrator to who knows who. It would just mean more delay when all the evidence is they want shot of it. Also as I have said many times, Cambay is a small affair to gspc, who have assets worth billions and have billions in debts.
Yes the sales process took a lot longer than expected, even before Covid. Why we don't know, but I see know reason to blame gspc for the delay for the reasons above.
Finally thus is a discussion board with room for all viewpoints. Do you really believe the reason for the relentless decline over the years is due to comments on here rather than the poor performance of the company? Atb. Gla.