Member Info for gordon1237

Nomark. If Joe has confirmed there are definitely bids, I would regard that as very good news. No bids with what that would imply would be a disaster. Can't imagine that any regulations would prevent an rns confirming bids.

Conger. Agree with some of your points.
1. We don't know they can be taken back to court if they can show best endeavor.
2. True we don't know there is a minimum price, but seems likely.
3. Probably, via a third party, who would then become the jv partner.
4. Agree.
5. Hopefully.
6. Follows if 5 correct.
Nomark. If Joe is saying that, would it hurt to put out an rns ?
Gla.

Jester. Really do agree it's high time we were told something. Even if it's only bids are being considered, or there has been no successful bid and they are weighing up next moves. Either way, long suffering lth's deserve to know.

Yuri, I expect you will again accuse me of being negative but it sounds like you are now conceding the possibility that there might not be a sale, which would mean there had been no, or very low, bids. I suppose there could be a minimum acceptable bid, like a reserve price at an auction. If Oilex were to match that, presumably they could take control. But, depending on how high the reserve, they might not be able to raise the cash. On the other hand gspc obviously want shot of Cambay, so who knows what might happen.
It seems to me that the best outcome would be if there had been at least one good bid. That would put a good value on Oilex's share and give them a good amount of they decided to raise cash with a farm out. Gla.

Qs. From the way it is phrased it sounds to me like Oilex could then (and now) match the highest bid and get it that way. They were then under no compulsion to sell and presumably decided bids (if any) were inadequate. Strange that there seems to have been no rns saying the process had been discontinued. Gla.

Sounds about right Conger. Can't help but wonder if there were no good bids then, what that means for this time around. Then again, as you say there is more pressure to sell this time.

The possibility of a buyout by Oilex or another party was still being mentioned in rns's up to September 2017. Goes quiet after that. Love to know what happened. Ideas anyone ?

There was a formal process. This from a quarterly report rns from January 2017.
"Oilex has participated in a formal tender process submitting a conditional offer for an additional 55% interest in the Cambay PSC (Cambay). The offer was in response to a competitive bid process initiated by Gujarat State Petroleum Corporation Limited (GSPC)."
Hmm.

article. Bloody predictive text.

Oh. Fair enough. The artist a bit short on detail.

I said earlier that it would have been better if gspc
had sold when they first fell out with Oilex. Didn't realise they had actually tried to do it. Presumably, they had first refusal then, do wonder what went wrong and what it means for the process this time round.

Blimey. Didn't know that. Wonder what went wrong and why they didn't sell - to anyone ?

That's true up to a point lowtide. However, there us another side even to that. Firstly, we don't know yet they they have got anything. Hopefully they have. Secondly the cash burn over the last 3 years is greater than the amount owed. With the benefit of hindsight it would have been far better if gspc had sold 3 years ago when they first fell out with Oilex. None of that, of course is Oilex's fault, they had little choice. Atb.

So, no big rise in asx then ? Down 25 % on virtually zero volume (1500). Not actually significant one way or the other as these sorts of % changes happen all the time with their minimum change being 0.001. Doubt it will make any difference on AIM today.
Even I was surprised that there wasn't a small rise yesterday on what seemed to be positive news. So the wait goes on for the real news. Gla.

And the market goes wild. Not. Lol.

RIM have increased their holding by nearly 50 millions. Encouraging. Gla.

Agree, Conger. Uncertainty, almost always produces a downward drift, which is continuing today. Seems to be par for the course with Oilex. Even an rns giving some sort of timescale for a full update would be helpful. As it is it could be a day. A week or months.

jumping to the mid 0.3's

Beadle. It's come to something when even Yuri noes seems less positive about getting cash from gspc or potential successors. Lol. Personally, it still feels like a binary situation as so often in the past.
If there has been a good bid and Oilex get some cash, and perhaps a farm out with a reduced % to raise more cash I could see it jumping to day the mid 0.3's. Then if drilling were successful later on the year, and later still further drilling follows by the other projects, who knows.
On the other hand if there were no bids and no cash, where would that leave them. True they might somehow finish up with all of Cambay but that situation would hardly be a vote of confidence in the field.
As usual we are in the dark and it could still go either way. Gla.

Agree we need cash but all of these projects are in suspension with no compulsion to start anything. Also hard to see how a farm out would work as presumably, as Oilex don't have the cash any one who took it on would have to pay millions in fees before they even started drilling. Gla.