Member Info for gordon1237

Agree with Targ. What you on about. We don't know anyone has sold us out. And what the **** are pink sheets ?

It's obviously good news that the process is finally over. It would have been nice to have some idea of the time scale before we know more. Still a lot of uncertainty, can't see more than a modest rise tomorrow.

Agree about asx, but you'd think there would be some interest. Although, the UK deal may be good long term, it doesn't indicate anything about cash from the Cambay deal. The amounts involved are pretty small.

Well, the news hasn't exactly set asx alight. Zero change and zero volume. Lol. Gla.

Might see a modest rise tomorrow ? Gla.

Hallelujah !

Asx opens at 11pm our time. Last time the extension rns came about 10pm. Hopefully, something will either drop by then, or if not, by say midnight, we should be able to assume that there is no extension. Gla.

Agree Jester, gawd knows what that would do to the sp. Let's hope it's third time lucky. Gla.

You'd think the earliest we would get an rns would be Sunday from 9pm when asx opens ? Gla.

Haven't checked into this board for a while as I got tired of the nauseating right wing echo chamber. Nice to see nothing has changed. Talking of nausea, did you see that utter p***k Rees-mogg with his "God bless the prime minister". Made me want to vomit. Looked like he genuinely thought Johnson had some sort of divine right to rule.
Don't bother coming back with your outraged bile. I won't see it.

Smiley, I think I'd rather say less pessimistic. Lol. Certainly, back in the summer, before the deal was struck, I had virtually given up on getting my investment back. The sp was 0.12 and if it had dragged on to arb next spring, I think it would have been way sub 0.1 by now with no guarantee of survival. I still think all scenarios are possible, but am leaning towards the positive. Not long now. Atb.

Yes Smiley, depending on the valuation, that 15% would give them a few million to play with and also reduce their share of the costs. I wonder if they might hold the cash in reserve in case Cambay needs it, rather than pushing ahead with Oz. Atb.

Lol. Not all Chesh. Just saying if that scenario did come about, it would be worth thinking about. Wouldn't be totally amazed at any of MI's range of scenarios.
All the best (Chesh a ramper - surely not).

Gspc's behaviour has certainly been baffling. Why on earth having invested so much did they risk losing it for such a piddling amount ? Which when it came to the crunch they were then able to deposit with the court ? They then said they might dispose of it because it didn't fit in with their portfolio. Then eventually agreed to sell under a deal we don't know the details of. Oh well, we will hopefully know soon.

MI. Pretty much agree with your assessment of the range of possible scenarios. Personally, not sure, I'd put the short term upper end much higher than 0.5, but as you say, who knows. The owed cash calls are more like £3m so getting all of that would be a big bonus. However they will need all of that and more to get the two wells drilled. Feel therefore they will need some more cash maybe via a farm out. That might hold the sp back a bit.
Might be very tempted if it shot up to say 0.4+ on the day to bail out for a small profit in the hope of buying back cheaper later, depending on how it was panning out. Atb. Gla.

Morning Chesh. In a word no. They simply don't have the money. There is also a renewal fee of $1m. In all the oz rns's they stress the suspensions. This from September.
"The total annual amount of the Northern Fairway PRL renewal fees is approximately $1 million. The Company also assumes the expenditure targets under the PRLs. Failure to achieve the expenditure target will result in pro-rata relinquishment of the permits. The Company notes that the Northern Fairway PRLs are currently suspended by the South Australian Government, suspending the annual license fees and work obligations. Oilex intends to continue this suspension for a period."
The only way they could go ahead short term would be by raising, borrowing heavily or farming out. Depending on the Cambay deal some of that could happen anyway. Gla.

We certainly don't have the money but that won't be the reason for this delay. There was only a nominal payment to acquire them. The oz fields are in suspension, with something called a rehabilitation fee of $1.1m needed before anything can happen plus you'd think millions more to start anything practical. I don't think there is any particular date when Oilex have to start work. Doubt if they intend for much to happen until much later this year. Gla.

Chancer.

Ps. That doesn't mean I believe some changer on twitter has an inside track. Lol.

That amount is actually only about a month's cash burn. There was a total of £750k from the last two raises and a loan that was repaid in October so unless cash burn has been significantly reduced funds could be pretty short by the end of the year. Hopefully, there will be some cash from the deal, but if that isn't forthcoming fairly quickly they might well need to raise in the next month or so. Gla.