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Thanks Gordon, wasn't aware of this detail but then don't follow things as closely as I used to!
Hopefully the divestment of Cambay by GSPC is done and dusted by Christmas.
Regardless of who steps up to be Oilex's new JV partner, whether they're in a sleeper role or operator makes no difference to me. Until tools start turning doubt we'll see a price that reflects its true worth and should success follow, which all the signs point to, it's all up from there.
2020 will mark the twelfth year of my involvement, now that's loyalty for you ... GLA
'Much Ado about Nothing'
pebsi ... Congratulations, well done England, great defence and Owen Farrell is an enigma. Only redeeming feature for us was having an Aussie coach ????
Getting interesting now we're getting to the pointy end of the Rugby WC and great to see the host country doing so well.
Good luck to the Wallabies today!
Realistically until they can demonstrate tangible progress on the ground in the way of drilling all the rhetoric in the world won't help
2.735 is well within the realms of possibility if they can get tools turning again.
I'm still looking for 4.5p to break even and they do say that everything comes to those who wait!
Dateline Feb 2009
Australian-based oil & gas group Oilex has formally marked its transition to cash flow and production by delivering a strong December Quarter performance, announcing it has started oil production from its Cambay oil field in October in India with 16,800 barrels of oil produced during the December 2008 quarter from two wells. Oilex commenced production from Miocene Basal Sand (MBS) in the Cambay Field on 17 October 2008 from the Cambay-64 well, which produced 9,374 barrels to the end of December. A second well, Cambay-74, was brought into production on 5 December, and produced 7,453 barrels to the end of the quarter.
halcyon days of 2008, been through the good, the bad and now it's getting ugly!
I described at the outset any attempt to secure 100% of Cambay over disputed cash calls as audacious, this has now been vindicated.
The current board seem to stumble from one disaster to the next, while filling their boots with fees.
I've been invested since the
Gordon if this was indeed negotiable why didn't they settle for a compromise four years ago and who knows the field could well be producing by now.
It appears Joe was more interested in his game of bluff poker
The rns would indicate that any claim for the outstanding cash calls has been relinquished by Oilex
'Pursuant to the Agreement, the Event of Default (EoD) declared by Oilex pursuant to the Cambay Field Joint Operating Agreement (JOA) has been withdrawn and GSPC will formally terminate arbitration proceedings lodged with the Singapore International Arbitration Centre (SIAC) and remove the stay order granted in the High Court of Gujarat'
Incomprehensible what has transpired,
four years of dilution with absolutely nothing to show for it.
Can only now hope that whoever takes up GSPC's 55% interest is a more astute operator than the guys who have effectively destabalized and devalued what was a company with enormous promise.
Gordon I'd like this to succeed as much as anyone and believe the underlying potential remains undiminished. I just get a little fed up with the way they continue to treat us as mushrooms
The unanswered question still remains as to why after years of amicable joint ventures with Oilex there is this acrimonious reluctance on the part of GSPC to pay these outstanding cash calls.
Just maybe they believe they have valid contactural clout on their side, but alas due to a complete lack of transparency I doubt we'll every be privy to this detail
Unfortunately the circumstances arising over Timor Leste were beyond the control of Oilex and it would be drawing a long bow to suggest they bare blame for resulting litigation, this is more to do with the maritime boundary dispute between the Governments of Timor Leste and Australia.
Just hope this Cooper Basin play isn't just a smokesreen attempting to soften up shareholders for a less than positive result in Cambay ... my faith in the current management has all but dissolved!
Now it's all clear as mud the so called 'holiday judge' is to blame for everything.
Maybe then Oilex should look at taking the Indian judiciary to court
Realistically we have no idea what the final outcome will be. The Board of Directors have never fully disclosed the reasons behind GSPC's reluctance to pay the outstanding cash calls and why the dispute is still unresolved (imho is a bigger issue than simply lack of funds)
Selling off Cambay wouldn't appear to be very sound as it's basically the last throw of the dice for Oilex!
Realistically we have no idea what the final outcome will be. The Board of Directors have never fully disclosed the reasons behind GSPC's reluctance to pay the outstanding cash calls and why the dispute is still unresolved (imho is a bigger issue than simply lack of funds)
Selling off Cambay wouldn't appear to be very sound as it's basically the last throw of the dice for Oilex!
The only thing missing here is a complete lack of any real progress under the current administration. With only a couple of workovers that came to nothing an audacious scheme to assume 100% control of Cambay over disputed cash calls (which is looking more unlikely by the day) nothing has changed since 2014