Member Info for guod7

The reason behind the non approval and non payment of the cash calls is and appears to always have been the huge cost overruns and the outlandish claims pertaining to 77h that proved to be completely baseless. Oilex's option now as I see it is to concentrate on the relationship, however tenuous, with GSPC and move forward, in future being more prudent in the way they operate. Or continue to argue the point and waste another few years sitting on their hands and bleating while they pay themselve generous salaries. Enough is enough!!!

Pulling the pin on this asset now means all that remains is Cambay!

Nothing definitive yet so I'll put a hold on celebrations for the time being!

This could well be the final throw of the dice in a decade long saga ... let's hope for once it rolls our way!

Can't seem to get into the 'share chat' on the desktop site to open links being kindly provided on mobile site! Is anyone else encountering same problem

Doubt GSPC will surrender an asset with the potential value of Cambay for three million without a fight, but alas only time will tell!

Unfortunately my feeling is GSPC will contest this brash proposal. The the ten extension for Cambay is already in place. GSPC having current pressing issues to deal with could decide to simply sit on this and exploit it at some date in the future. Conversely Oilex are wholly dependant on the this prospect (apart from Canning which at present is a vague entity) and unless wheels turn shortly could face innihilation. I still find it incomprehensible that after a period of three years the board has been incapable of some sort of resolution before it came to this. Hope I'm wrong as this could have eventually been a huge pay day for all involved.

Dancing with my nemesis android agian, this should read 'annihilation'

Unfortunately it's more than likely GSPC will contest this brash proposal. The approval for Cambay is already in place for ten years and with having so many other issues happening GSPC could afford to simply sit on this and exploit it at some later date. Conversley Oilex are virtually wholey dependant on the prospect (apart from Canning which is a vague commodity) and need to get wheels moving rapidly or face inhalation. IMHO it speaks poorly of a board that in a three year period have been unable to broker a deal before things came to this. Sincerely hope I'm wrong as I've always felt this could have had huge potential for all!!!

GSPC have show no sign to date of paying the outstanding cash calls so realistically there's little prospect of them honouring them now (the elephant in the room is why this reluctance) The prospect of them rolling over and handing Oilex 55% without a fight is even more remote. The issue I've struggled with over the last three years is the complete and utter lack of transparency from this board while they continue to reward themselves handsomely

The reality of 'Credits' fertiliser factory firms with each passing day!

I didn't think GSPC would take this lying down. In all probability Oilex will be faced with expensive litigation that they don't have the resources to fight. Once again we've been lead down the garden path! It's all water under the bridge now but I'd love to know why the cash calls were never met, was it simply GSPC not having the money (which I doubt ... it's peanuts for them) or was is their reluctance to stump up after Ron Millers huge cost overruns and total fabrications around 77h Guess with this mob we'll never know the true story!!!

With the amount of money already invested to get the project to this advanced stage if Oilex get 100% ownership for the outstanding cash call it'll be a steal ... let's wait and see what transpires!

Spudulika, fired!!! does this mean you no longer wish to read my pearls of wisdom

Just really hope they know what their doing. If GSPC don't roll over and instead decide to contest this it could end up in an even longer protracted dispute

Apologies for misspelling your name Spudulika!

Thanks Spudilka if he knows we're acquainted he might even shout lunch

I'm having lunch and a few beers with the board next week so stay tuned

Well it should cover the board's pub tab for another month or so

The board are continuing to pick up their salaries even although virtually nothing substantial has taken place on the ground for three years now ... so imagine they're not overly concerned.