Member Info for gordon1237

Mike, it doesn't look like we can sell them at any time. This from the disposal rns.
"The CDIs to be issued as consideration for the Proposed Transaction are subject voluntary escrow conditions and will only be able to be disposed of by Oilex and Orthogonal in certain limited circumstances for a 2-year period following their issue."

Was rather hoping for something more interesting. Makes precious little difference to us, other than confirming that, as Yuri said, we have probably disposed of a potentially valuable asset. Also increases the possibility that Joe may jump ship at some point. Atb.

Rns on asx re the Doriemus placing being successful.

Yuri. How is the sale going to keep us afloat? There is no cash involved, just shares which can only be traded in limited circumstances. Whatever that means. Atb.

That's interesting conger. How can that square with the following, I the December quarterly report. "The Company continues to engage with all parties, including potential new Cambay joint venture partners, for payment of the outstanding cash calls."
Hmmm.

With this weather forecast?

Yuri. IMHO. Dyor. There is another good reason not to buy into Doriemus. To me it seems like a lousy deal. They are trying to more than treble the number if shares in issue with an offer at around the current sp. How is that going to work? You'd normally expect that to cause a massive drop in sp on issue. Perhaps they are relying on Brad's reputation to encourage people to buy in. Who knows, but if it happens you may well be able to buy the shares cheaper on the open market later. I suppose the options are an added incentive but not that much. Not giving advice. Again, Dyor, but not for me. Gla.

Can't help but wonder if the reason Brad is staying for another two months is insurance in case the Doriemus deal doesn't happen. Atb.

It's taking the p**s. Why should we pay Brad extra for two more months to develop an asset we are mostly getting shot of? It feels like another hint that there is more going on than meets the eye. Atb.

Credits is, I think, referring to the Doriemus priority raising offer to existing Doriemus and Oilex shareholders. Atb.

You may well be right MI. No way to be sure unless it's your trade. Would make it a very tight spread of about 0.004.

We now have 40 consecutive sells over 4 days with virtually no change in the sp. Strange or what?

Hi Qs. Given gspc's behaviour in the past perhaps we shouldn't trust them. However, I would think they would be keen to get this, what to them us a small affair, over and done with. Probably out of their hands now and up to the third party and Indian authorities.
Interesting that Oilex keep emphasising their golden ticket. Hard to see how that's possible unless they act as a front for somebody else. They wouldn't then own but would get the partner they wanted. However, if Oilex had done that we would have heard straight away as there would be no due diligence involved.

Just found the rns about the loan. It's due for repayment on 1st April having been postponed from October. Bit smaller than I thought at A$ 250k.

Agreed MI. It was always going to be years down the line before Oilex could do anything with the mothballed oz assets.
Qs. Yes the tender document did say it could take until April. However, that was always a maximum. Given that gspc originally said end of the year and the first bids deadline was in October that implied the paperwork could be done in a couple of months. So hopefully we might see something this month. Trying to be optimistic. End of April would be something like another 750k usd cash burn. Might mean another raising, especially as I think there is a loan repayment due in April.

VF. That did occur to me. Does seem strange. Then I looked at how tiny Doriemus were. Still can't wondering what Brad and Joe are up to though.
What I was trying to say in my previous post was that I wouldn't buy into Doriemus to participate in a project that until recently belonged to Oilex shareholders already. Atb.

Ignore that last post. Doesn't make sense. It's Oilex who have 15 %. Lol.

Also, not sure I would buy into a company for a 15 % share of what Oilex previously owned outright.

VF. Makes no difference who buys the shares they still have to sell them. OK, one option for every three shares is a small incentive but the fact remains that they are trebling the number of shares. Atb.

Morning all. Resisted the urge to post for a week. Lol.
No Yuri, not a great choice. One would hope neither but its getting depressing with 37 consecutive sells over a 4 day period.
Qs. You talked of cowards selling. Let's hope hindsight doesn't mean they were the sensible ones.
Am I the only one who is a bit baffled by this deal selling Cooper to Doriemus? This is a company much smaller than even Oilex with a market cap of around A$ 2.3m or £1.2m. They are planning to raise A$ 3.5m by trebling their number of shares with a raising at around the current price. Normally, you would expect that to drop the share price to a third of what it is now. Presumably, Doriemus, Brad and Joe must think it can be done but it's still a puzzle. If it happens by my reckoning it gives Oilex about a 15 % share in Doriemus.
Its a bit concerning Brad moving to Doriemus and Joe becoming a director. Just hope it isn't a preliminary to Joe jumping ship completely. Hope not.
I notice in the rns on the latest loan their is a condition that Oilex must not incur outgoings of more than A$ 1m (£520k) before repayment in August. Wonder what this means in terms of the drilling schedule which was originally supposed to be second or third quarter. Looking less likely now.
We are all waiting for that rns to drop with hopefully a decent price paid which will enable Oilex to raise cash without further dilution. Meanwhile, as others have said the relentless cash burn continues. Here's hoping. Atb. Gla.