Member Info for guod7

'The Company also notes that the settlement agreement with GSPC has not waived the unpaid cash calls and, accordingly, the Company maintains its rights under the JOA. The Company continues to engage with all parties, including potential new Cambay joint venture partners, for payment of the outstanding cash calls'
Can't fathom this one as the only way they can 'engage' is by way of litigation or arbitration and they have already decide not proceed with either ... is this just another one on a wing and a prayer

If only they'd been prepared to negotiate some sort of compromise with regards the disputed cash calls years ago. Instead they put everything on hold and just bleated ... space cadets ever last one of them!

As we collectively face the challenging months ahead the greatest antidote we can share is kindness

Not surprising! These guys have been taking us to the cleaners for the last five years.

Maybe they could turn Cambay into India's version of Luna Park using the existing infrastructure as the 'Ghost Train'

No surprise that Oilex declined their right of first refusal, they are skint and highly doubtful if they could garner any financial interest from third parties after their appalling record over the last four years.
Can only hope whoever purchases the 55% is proactive when it comes to exploration.

Many of these guys sit on different boards simply as a way of making a living.
Can't see any obvious conflict of interest in this case!

Well at least I can plan for my break even party in 2025.
However in all seriousness 'if ' Oilex can somehow get their heads back into exploration mode and can crack the recovery code in Cambay which is entirely possible, the sky is limit!

Not wanting to sound like a broken gramaphone record but with what it owes me I won't be going anywhere
Came onboard in 2008 when Oilex were a proactive, cash flow positive company producing small but significant quantities of oil ... just can't fathom how it all came to this

*Think my failure to edit before posting demonstrates my complete frustration

The tenure of the current board is now just shy of five years with very little real progress to show for their time :
Rewneal of Cambay PSC secured (which was probably more to do with the status of the JV partner)
An audacious and failed attempt to secure 100% of Cambay over disputed cash calls.
Some sporadic workers of previous drilled wells that yielded nothing.
Have to seriously question whether they now have either the will or the way to rresurrect this potentially lucrative opportunity

This is simply running out of steam and continuing to burn our money with every passing day

This would barely cover the infrastructure in place at Bhandut

2020 heralds my twelfth year of continouus involvememt with Oilex and I look in occasionally just to stay in touch.
Although my faith in the asset remains steadfast the current management maintain what can only be described as a struggle just to stay relevant.
Good luck!

To my knowledge Oilex surrendered their involvement in Canning some time ago, or maybe there's something I've missed

The very last thing needed is more litigation. Oilex has already spent more time and money on lawyers than actual exploration over several years now

ASX investors have already been to hell and back and only 'movement on the station' will dig this one out of the doldrums

Well that counts it out for the Christmas stocking, looks like nothing will be finalised now till the the New Year

Some time ago when a line was drawn under the unpaid cash calls GSPC undertook to pay their portion of ongoing expenses incurred by the JV in relation to Cambay. This amount of $117.000 may possibly pertain to care and maintenance of the field

Disappointing on two fronts, firstly the delay itself but more importantly the arrogance of the BOD's that see fit to offer absolutely no reasoning being it.
This continuing lack of transparency has become more the rule than the exception.