Member Info for guod7

@highenergy The only other areas which Oilex have connections to are Timor Leste, which is subject to litigation (where Oilex may yet be responsible, as party to the JV for an amount of approx $US1 million) and Indonesia where the other party in JV have been bankrupted and the situation is virtually a dead loss. The reality is that currently Cambay remains the last throw of the dice

Well if the end is imminent we've always got the wake to look forward to, who knows maybe canapes and drinks on house

@gordon 1237 GSPC may well feel they have a valid case in refusing to pay cash calls, hence the prolonged dispute. It's a grey area and one Oilex have never really been forthcoming about. Only time will tell ... good luck!

As a long term holder I can absolutely guarantee an entertaining ride with this share Hope this won't be misconscrued as a ramp!

Replied to 'Re interesting artical' when it should have been to 'May be an orphan' Hope this answered your question Chesh!

Chesh this is an extract from the latest rns, I'm sure JS wouldn't have included this if he didn't see it as a possibility going forward More recently, it is Oilex's understanding that the State Government of Gujarat and the GSPC board of directors' have approved a sales process for a number of its local Indian joint venture participating interests. At present, Cambay is not formally part of this sale process, however, GSPC have indicated their willingness to divest their interest. Pursuant to the Cambay and Bhandut JOAs, Oilex holds pre-emptive rights to acquire GSPC's interests in both assets.

but still find it hard to fathom why GSPC would hand over a percentage of Cambay purely on the basis of disputed cash calls. Imho they are much more likely first to see a resolution of the current impasse even if the findings go against them and they have to make good the outstanding amount. Should the rumours have any credence that GSPC are considering divesting their 55% stake in Cambay, keep in mind that the joint venture have already outlayed some $100 million to get it to where it is, and therefore unlikely to be sold for a song! Good Luck ...

One of my concerns is that if GSPC are serious about divesting itself of Cambay it's doubtful they would simply walk away, simply surrendering it for the paltry amount of the outstanding cash calls. If they concede that these are owing its likely they could pay Oilex the outstanding sum and them put their 55% of Cambay on the market for a much larger sum, more inline with a value of proven resource. Although many say they are 'skint' a company with the backing of one of India's richest States imho would have no problem in finding the three odd million required for this. Though I guess it will all become evident in the preceding months. Good Luck All

It appears Oilex are are still no closer to exploiting the resource, continuing to be mired in what has now become an inordinately long and increasing clouded process.

Maybe he relies on the 'bush telegraph' they say that's reliable although a little slow. However Oilex over the last couple of years have comprehensively mastered the art of stonewalling.

@jester16 My faith in the eventual outcome of Cambay is unshakable just continue to be disappointed with Oilex's recent performance As for selling up, at this price that's really not an option, been here since 2008 so no point in losing patience now Never know if Iive that long could be around when they announce their first dividend

Oilex/GSPC were producing small quantities of oil from Cambay several years ago but nothing of major significance. Cambay area is like a swiss cheese as to the amount of unsuccessful conventional wells dug in the area, hence the decision to put all the focus on hydraulic fracturing and horizontal drilling. The future is now wholly dependant on successfully implementing these technologies, therefore GSPC may well still view this as a high risk strategy. Whatever the case it would appear we're in for more uncertainty moving forward with Oilex remaining reluctant to update shareholders on any progress in a timely manner. Good Luck!

Almost three months into the year already and still no clear air, and to compound the situation we have absolutely no idea what's going on

Shame and scandal in the Oilex familee

Think the Welsh could be firming as a possibility for the World Cup. However I'm a two time loser holding Oilex shares and following the Wallabies

Chesh admire your faith and hope you're right! ~ Good Luck ~

@Chesh All prospects that Oilex have involvement in are currently subject to litigation, Cambay, Indonesia and Timor Leste (seems to be a pattern developing) Admittedly Timor was probably beyond their control as this arose partly because of an international dispute. They're threw their hand in on Canning in all probability because they didn't have the funds to fullful the contractual obligations Finally Cambay where nothing has happened on the ground for nearly four years. Forget what you love to refer to as conspiracy theories I'm just struggling to find much positivity amidst all this!

JS's performance to date could simply indicate someone way out of their depth operating in this environment

I fear the horses may have already bolted, possibly to some remote South American country with no extradition treaty. What other reason could there possibly be!

@Smileywiley thanks for the response I am accutely aware that India is a unique and challenging environment to operate in. I spent almost three years working for a data acquisition company under contract to the National Oil Company, some of this in the Cambay area (not that gives me any inside information on the current goings on) I found negotiations during my stay to be very firm but fair. After nearly four years of virtually not a wheel turning on the ground imho the 'bureaucracy' argument no longer cuts it. Good Luck