Member Info for gordon1237

Ever get a feeling of deja vu Yuri. Early last year there were plenty saying there would be drilling by end of 2019 latest.
I don't think it will be the new jv doing the drilling. Oilex is the operator. They also say that drilling is dependent on securing the necessary finance, presumably by a partial farm out if we ever get that far. Interesting that at one time they talked about the need to order long lead items. Not mentioned anymore. Then there is the fact that the terms of the loans preclude spending much money.
Of course they could always flog or farm out the whole 45% and use it for the Irish Sea or better still give to the long suffering shareholders. Atb.

Wide glide. I think that there is little point in that course of action, justifiable though it might be. Even if it succeeded in changing the board, by that time we would either have had the miracle we are all hoping for, or Oilex would be a goner.

Yes Mike. I first bought a year after you in Jan 2015 at 2.5 p. Much to my regret I have averaged down numerous times to 0.325. In particular since the settlement last September I have quadrupled my holding. Now feels like good money after bad.
I get sick of people constantly posting that the situation is all down to gspc being a bunch of b******s. When I read this Live mint article from May 2016, a year or so ago, it felt like, if accurate, they may have had reason to be hacked of with the previous Oilex bod.
"We do not trust Oilex anymore. Oilex did not seek our approval for the work programs. So we do not owe any money to them. We have decided not to invest any further. The production sharing contract expires in 2019 and we are not interested in renewing it," the senior GSPC official said.
The official added that GSPC and Oilex have together invested $100 million in the field in the past 10 years but the realizations have been only $3 million.
" The cost of one onshore well is around $4 million. But Oilex spent $35 million on one of the wells citing technical issues. We have been approving investment programs but the results have not been lucrative. Thus we decided not to approve anymore investments," added the GSPC official."
I know there are two sides to every story, but it makes you think, it may not be as black and white as some paint it.
I can't help but remember that we were told in late 2018 that Oilex expected a settlement, early in the new year. Instead of which it dragged on for another 9 months, culminating in a deal in September. If that deal doesn't result in a big chunk of the cash calls, they would have done far better to give up on them early in the year and move on. After all the cash burn over the last 15 months or so must be close to amount owed. Money down the drain for nowt. Gla.

Exactly right Mike. No doubt some who haven't been here long, will say "What's 9%?". However, for lth's it is indeed chip, chip. Since Jan 2019 it is 32 % dilution. Since January 2018 it is 52 % and since July 2015, 6 months after I first bought in, it is 82 %.
They say it ain't over until the fat lady sings but I think that faint sound may be her gargling in the dressing room. Atb.

Not really new news. Previously announced in April. With the addition of shares to advisors in lieu of fees it is 9% dilution.

Rns on asx. Another 6 % dilution. Whoop a bloody doo.

Careful what you wish for Yuri. Lol.

So even more irrelevant then.

This bits the clincher "Gujarat Energy Research and Management Institute, GSPC’s energy research arm, had on March 1 floated a tender to farm out two operating and 10 non-operating exploration and production fields. The deadline for the bid submission was delayed multiple times after some central PSUs demanded the same."
The tender for the Cambay Field was way back last September.

Sorry guys. Don't see how this can be relevant. Look at the dates. Gspc identified a single preferred bidder in January. This story is talking about multiple assets in March/April. Atb.

Fair enough. Atb.

Not really news Yuri, given that Republic have been supporting via loans and raisings. As you say Conger nothing that we didn't know or couldn't surmise. Seems odd they would just ring a shareholder rather than issue a reassuring rns.
According to Aaron there should be news this week? Atb.

forgot that today was a Bank Holiday. Wondering why share prices hadn't changed. Lol. Shows how the days all seem much the same at the moment. Atb.

Conger. The original gspc deadline for bids was about 30 days. This was extended twice, presumably because there were no viable bids. So it was already about 90 days before bids were on the table. The 90 days were never mentioned in the tender document. Atb.

What are you on about Jester? Whilst I agree it is ridiculous how long this had already taken prior to the lock down there is nothing Oilex can do to get a move on. As I understand it, the current delay is regulatory approval by the Indian authorities on whoever is buying gspc's share of Cambay. There is no question of Oilex doing dd on anyone as they are not selling anything. Not yet anyway.
It's hardly surprising there is a further delay at the moment. This might be important to us, but the rest of the world has far more important things to be concerned about.
What does p*** me off is that we were told by Oilex/gspc that this could all be completed in 90 days I.e by Christmas. So before the virus hit the fan it was already nearly double that. I know many will blame gspc but the Oilex bod are supposed to be experts and are paid a huge wedge to know about these things. You'd think they would have had a good idea of the real time scale. I feel we were grossly misled.
Agree about Brad going. No way that salary outgoing could be justified.
If this goes on much longer they will need more cash from somewhere before long. So, I really hope that Aaron's right about news in the next week and that is not more pie in the sky. No offence Aaron, but we have no way of knowing until one your predictions become reality. Atb.

Rns on asx. Brad Lingo has slung his hook. Atb.

Agreed guod. Exactly what I've been saying since September when they first used that phrasing. You'd think that in the agreement with gspc there would have been some mechanism for recovery of some or all of the cash from the sales proceeds. If that was the case why would they need to engage with the new partners. In any case the tender document said there were no debts associated with the sale.

Sure they must know who it is Conger and how much they paid etc. Pity they can't share it with us and put us out of our misery once and for all. Atb.

Exactly Yuri. I have always thought it must mean engage once the new partner is in place. Why would they need to "engage" if anything had been actually agreed.

Should pay more attention Conger. It's been in rns's since September, including the last Quarterly report in January. It's the vagueness of it that bothers me. Sounds like nothing is definite. Atb.