Member Info for guod7

Covid may be putting the brakes on signing off on descions but spare a thought for the unprecedented human tragedy that's curtently unfolding there

should read 'fully'

Sounds like a possibility but see the quickest way to get things back on track would to bring in a partner who would be prepared to full fund an aggressive exploration program for a small percentage of Cambay.

Could be interesting to watch any progress 'Kiri' makes as there are direct similarities to Cambay and infrastructure is alteady in place.

The 100% of Cambay is hopefully the game changer but its going to take time to rebuild confidence after five years of audaciuos schemes and chasing rainbows

Maybe his mate was Ron Miller

Agree with you 100% Gordon and this is in part the reason for the general lack of confidence going forward.

Realistically after five years of next to no activity there was bound to be an initial feeding frenzy.
This is a major first step in the rebuilding of confidence with hopefully many more to follow.

There's obviously been some profit taking which was to be expected. Now about on par but the journey has only just begun!

The ASX oil winners
However the oil and gas sector saw some winners as well.

Recent high fliers Brookside (ASX:BRK) and Red Sky Energy (ASX:ROG) rose again off the back of no news.

But two stocks with news were Fremont Petroleum (ASX:FPL)and Oilex (ASX:OEX).

The latter of these stocks announced that the US$2.2 million purchase of GSPC’s 55 per cent participating interest in the Cambay PSC in India has been approved.

Following the approval, Oilex now has a 100 per cent participating interest in the project.

Managing director Joe Salomon said this was a major milestone achievement. The transaction is expected to complete this quarter

Possible option (although it would preferable to retain 100% after all that has transpired) would be to bring on board a Joint Venture partner who would aquire a negotiated percentage in return for fully funding an aggressive exploration program.

The asx is often a law unto itself so will be really interesting to see what eventuates tomorrow in OZ

This is the last share I hold and the emotional connection is way too strong. Even if it reaches my break even point I'll be hanging in there so as to collect dividends when the gas is flowing permenantly

Equivalent 0.66

Well my holding quadrupled on the asx so that's a start GLA

I'm vintage February 2008

There has already been approximately $100 million invested in data acquisition and drillng in the Cambay area during the tenure of the Oilex/GSPC Joint Venture.
Who knows what value will end up being agreed on after all the water that's passed under the bridge over the years of inactivity.
I see the only chance of successfully progressing exploration is if Oilex can find a solid, experienced partner who appreciates the long term potential (possibly coming onboard as operator) not just some fly-by-nighter looking for a quick buck.

Sorry about the spelling guys!

Since the early 50's more than 5000 wells have been drilled in the Cambay area with widely varying results. Oilex has been a minor part of this producing small but commercial quantities of oil and in 2008 was operating on a cash flow positive basis.
All the eggs are now in the hydraulic fracturing basket. If Oilex can somehow get its sh*t together and providing the code can be successfully cracked the opertunities remaim limitless. GLA

Writing a book on Oilex would be challenging. The appeal would to readers of 'fiction' for certainly no one would believe the non fiction narrative.