Member Info for gordon1237

Husk. Even if your more optimistic figures were to be realised (very big if) there is no guarantee that would translate into a big sp rise. It seems likely that in the coming year we will see a further succession of loans and raises resulting in even more dilution.
"Until sufficient operating cash flows are generated from its operations, the Group remains reliant on equity raisings, joint venture
contributions or debt funding, as well as asset divestitures or farmouts to fund its expenditure commitments."
If only they had stuck to what they told us and we had seen a deal in say January a lot of lth's would have been able to get out. It looks like being at least treble the original 90 days. These are experienced people, how can they get it so wrong?

Hear hear guod. I am quite touched that both my neighbours who I had previously thought pretty uncaring, have offered to get shopping for us.

Seems odd that loans from a major shareholder include terms that prevent Oilex from doing anything much. Makes me suspect that there is some plan we know nothing about.

There is no question of going through the courts. They dropped all legal action as part of the deal.
This is the concerning phrase "The Company continues to engage with all parties, including potential new Cambay joint venture partners, for payment of the outstanding cash calls." whatever that means.
There is also very little prospect of drilling any time soon as they can't spend any money under the loan terms. Not that they have any cash anyway.

Bit academic anyway as under the terms of the latest loan they can't sell any assets for the next year.

You'd hope as part of the deal there was some sort of formula for Oilex to get some of the sale price. What is concerning is the vague wording "continue to engage with all parties".

Agree with your figures dyl. £10 million comes to about 0.27p. Would settle for that. Doubt it will happen though. They will probably carry on burning cash and diluting. No guarantee it would be that much anyway.
No question of going after gspc for the cash calls as they dropped all legal action as part of the deal.
The virus is only part of Oilex's problems.

Dyl. How much do you see us getting per share of they sold their assets. Not many lth's would get their money back I think.

Yes Qs, that pandemic killed more than the first world war.

HighRisk. Admire your optimism. Trouble is people were saying great opportunity when it was 0.15, 0.2, 0.3, 0.4, etc etc. For example I remember it dipping below 0.3 and people saying "last chance to top up at these prices".
Like I said yesterday we have been hit by a triple whammy. Certainly can't blame it all on gspc.
See little chance now of getting to my average of 0.325. I suppose nothing is impossible but for one thing at these prices any further raising will mean massive further dilution. Going to continue my walk on the south downs now. Atb.

14th century.

Doubt there was much lock down in the 15th century Qs, when the black death killed between 30 to 50 % of the European population.

Yes Mr Marsh. May do. Anything but Oilex. Atb.

Funnily enough would have been in Somerset in Early July. Staying at Bideford Bay in North Devon. Would have spent time on Exmoor which we love.Doubt it will happen now. May reschedule for September. Atb.

Oilex has been hit by a triple whammy.
Firstly the general incompetence of the bod and gspc in saying this could be done and dusted in 90 days when it now could easily be 3 times that. That's assuming the buyer doesn't pull out. Don't know if they can, but it wouldn't be the biggest surprise in the world.
Secondly the battle for market share between Russia and Saudi Arabia, resulting in gross overproduction and an oil price crash.
Thirdly the beastly bug which has not only drastically reduced oil demand but buggered everything else as well.
Am typing this whilst having a pint while I still can
All racing and football and most other sport gone now so nothing to lose money on. May possibly go bonkers with boredom.
On a brighter note, I woke up this morning, so that's a result. Going for a long walk on the South Downs tomorrow with a nice pub lunch. Might be the last pub meal for a well. Atb. Gla.

They only need about a 150 bagger to break even!

It really brings home how far Oilex have fallen when RIM have paid 64 million for 12% of the company and the whole company is now worth 3.5 million. Atb.

“The current investment climate is highly volatile with limited availability of risk capital. Accordingly, it is imperative that
the Company acts decisively to strengthen its balance sheet and curtail its commitments. "
Who thinks the bit about curtailing commitments includes a drastic reduction in bod salaries? Nah, me neither.
Expect another loan and/or raising next month. That's if anyone is willing to participate. Atb.

Why would they complain? They've still got half a million out of their 64.

Now that even Yuri thinks we're f****d it's looking like game over. Maybe the next rns will be the board saying they will work for nowt. As if. How I regret not carrying on with my original pessimism. Atb.