Member Info for gordon1237

The siac are not about to reach any decisions as proceedings were deferred pending the talks between Oilex and gspc. Mores the pity, if it had gone straight to arb we would probably know the worst/best by now.

According to the rns arb commenced in December and then was deferred while the talks went on. Don't know how that affects the timetable should they wish to resume.

"This a marketing communication and cannot be considered independent research".

Exactly guod. I only highlighted the item from 2011 to give food for thought to those on here who seem to think this can't fail and is still going to multibag in short order. At that time this was 17p and I have no doubt that their would have been posters on boards like this saying it was a certainty to go to a quid and beyond. Whilst nothing is impossible and miracles do happen, I for one will be pleasantly surprised if we ever see 1p again. If that ever comes about I would be happy to eat humble pie on here. Gla.

out of interest this morning I was randomly going through some ancient items on the news section of this site. Came across several that certainly put the present parlous state of this company into perspective. From October 2011 something along the lines of Oilex rises on positive survey (of Cambay). It concluded, shares rose 15 % to 17.5p. Sometimes you just have to lol.

How anybody can be positive about today's rns baffles me. Gla.

Guessing today's drop of nearly 20% is in anticipation of a placing. Yet another crappy day on planet Oilex.

If a fundraise does happen it doesn't matter a lot to holders whether it's at a discount or premium, unfortunately it still means the same amount of dilution. In the absence of other news you'd think it would have to be at a discount as obviously the dilution will cause an sp drop.

After Fozzie says he is bearish on Oilex, Wolfie says he is a Muppet.

This excellent news lifted the share price by 20% to 0.002p. A poster on twitter is predicting a placing at a substantial premium of 500 billion new shares. Chesh says it is a win win situation. Lol.

On the face of it to us it may seem like gspc is in default. However, it can't possibly be that clear cut, otherwise the court would have just awarded Cambay to Oilex. Instead of which they said go to arb and sort it out yourselves. The very fact that both parties didn't want to do this suggests that there must be a big grey area as to the legal position. How anybody can suggest the court sided with Oilex is beyond me. I think probably the best we can hope for is to get some or most of the cash from gspc, do a farm out and get the drills turning. For crying out loud, do something before its too late!

Kabaa. Fair point, you sort of got me there. Lol. However, I was really only giving the 8 million as an extreme example. I doubt if they could raise anything like that via a raising. Doubt they could get 0.3 and hopefully they wouldn't dilute by half. Also, it's others on here who have said its worth hundreds of millions. Truth is nobody knows until they start producing.

Smiley. Thanks for your thoughts. Still not convinced that enough could be raised via a placing to buy out gspc, even at a premium. Even if they doubled the number of shares and placed at say an optimistic 0.3 that would give 7 to 8 million. Not only would that be a 50% dilution I doubt it would be nearly enough to satisfy gspc.

I believe they have already been advised by Baker Hughes on better techniques.

Exactly guod. It's one thing knowing the resources are there, the trick is making it commercially viable and keeping it going long enough to hopefully expand the operation.

Yuri, don't want to seem nitpicking but I don't think Oilex can just drill a hole without the consent of gspc. If they could maybe we would have made more progress by now. Anyway at the moment they don't have enough cash to go it alone. A possibility, implied in your penultimate paragraph is a farm out, where Oilex give up a share to a new partner. Not sure if they need the consent of gspc for that.

Yuri, given the possible value of Cambay as discussed, it's very hard to imagine any bank lending enough for a buy out. I know many on here think Cambay is a certainty but I doubt a bank would take that sort of risk. Also, given the sums already invested gspc are never going to agree on splitting Cambay. Gla.

Smiley, please correct me if I'm missing something but I can't see how that could work. If the valuation some on here are putting on Cambay of hundreds of millions or even billions are remotely in the right ball park, how could Oilex ever hope to raise sufficient cash to buy out gspc ? Would have thought they would struggle to raise even a couple of million by a placement. I know Oilex has first dibs if gspc do want to sell but you'd assume that would have to be at a reasonable valuation. Given that gspc has debts of over a billion I don't think it really matters whether they have 1 million or 10 million in the bank. After all, when it came to it they didn't have too much trouble depositing/guaranteeing 4 million with the court.

Wish I was confident as you that there will ever be a blast off. With every day that goes by I regret doubling my holding in December at 0.285. That reduced my average from 0.84 to 0.57. At that time it felt like a better than a 50 % Chance of getting my money back. Now it feels more like 10%. Probably,a classic case of good money after bad. Oh well, hope springs eternal, so they say. Gla.

That 52 is s code for the number of weeks to a resolution. This time next year Rodney....... Lol.