Member Info for jpsherwin

I find it incredible, no further update has been released by the company!

Many thanks Cash.

Any thoughts on how pursuing one of our major shareholders through court will play out?
Odd how they have retained their % stake, whilst we are seeking £6 Million (don't quote me on this) from them.

Settlement?

I last held these in 2021, shortly after the came out of suspension I bought back in, in the hope the shareholders are behind the company and there is "A Plan" going forward.

Time will tell.

I'm back in, having taken a loss a long time ago. Read and digested the update on ASX, this became a lot more attractive. For me it is now a medium to long term hold. Good to hear from you Ss, all the best.

BB, was this for me?

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02360446-6A1027301?access_token=83ff96335c2d45a094df02a206a39ff4

As part of the Transaction, Oilex will benefit through receipt of GSPC’s share of the historic cost recovery pool, the total (100%) being approximately US$125 million. Oilex also expects to assume GSPC’s US$2.8 million share of the historic abandonment liabilities. For the year ended 30 June 2020, the Company recorded a loss of US$0.3 million in respect of its 45% interest in Cambay. Accordingly, the additional 55% share of the Cambay losses to be assumed by the Company in respect of the year ended 30 June 2020 would be US$0.4 million. Following the acquisition of the 55% interest in Cambay, the additional proforma gross assets to be recorded in Oilex balance sheet for the year ended 30 June 2020 would be approximately US$5 million.

It's there on ASX.

As part of the Transaction, Oilex will benefit through receipt of GSPC’s share of the historic cost recovery pool, the total (100%) being approximately US$125 million. Oilex also expects to assume GSPC’s US$2.8 million share of the historic abandonment liabilities. For the year ended 30 June 2020, the Company recorded a loss of US$0.3 million in respect of its 45% interest in Cambay. Accordingly, the additional 55% share of the Cambay losses to be assumed by the Company in respect of the year ended 30 June 2020 would be US$0.4 million. Following the acquisition of the 55% interest in Cambay, the additional proforma gross assets to be recorded in Oilex balance sheet for the year ended 30 June 2020 would be approximately US$5 million.

10 am in Italy though.......

Well-proven me wrong again on my theory this couldn't go below 0.15. Best of luck to those still involved, not going anywhere but nothing further to add, and hope fortunes turn for the benefit of all who are still here.

How do they value this at £627.81k with £1.8 M Cash and Assets conservatively valued at $ 3?

The art of learning to sit on one's hands is becoming a speciality of mine.

That's all I got I'm afraid.

A good question with no real answer for it.

The sale was delayed due to COVID and travel restrictions, I would only guess when this eases things will progress.

For me (I’ll hold) , what I’ve read allows for that element of risk without me rushing for the exit.

I could of course be completely wrong (wouldn’t be the first time) .

Time will tell, best of luck which ever way you decide .

Good question and open to thoughts/ suggestions.

On my initial research I didn’t go far back enough, on reflection my mistake.

A poster last night/ this morning stated a diluted % of proceeds on sale of the asset which threw me somewhat , I haven’t had time to go as far back as he/she suggested but will do so at the earliest opportunity.

Those on Twitter suggest fair value is anything north of 0.04, ShareTalk suggest 0.08 should volume continue.

When you weigh up, cash + asset value it looks attractive and is worth the risk.

I believe 0.15 is bottom here (I hope) and we get news soon enough. Based on the number of shares of which (over 40% are spoken for) it can shift on sentiment alone, we just need that sentiment.

Time will tell. All my own opinion of course and please take what I’ve stated is here as purely my own thoughts and why I’ve invested for now.

ATB

Ferdie, I could be wrong of course however they won’t wind the company up until the assets are sold.

The rise was on the value of said asset and cash on hand , values the company more than it is right now.

What is fair value, each to their own and there are a lot more well versed than I on this company.

For now I am content to ride this out. Let’s see what the MM’s do over the coming days.

As global restrictions lift, the asset sale will go through, as of right now nothing else has changed according to today’s RNS. All resolutions passed and they will see it through.

On the basis that they were all passed, OPP await further confirmation on the asset sale. Further confirmation today albeit (we know no reason for the rise in SP) they confirm nothing else had changed.

Let’s wait and see, that’s all we can do.

Ahead of the information on the Annual General Meeting, I would like to update you on where we are in our efforts to wind up the Company and return capital to shareholders. We had hoped that by now the Company would have been wound up and a liquidator appointed but due to the global pandemic that has not been possible. The Celadon Mining Ltd transaction referred to in our last interim report has not completed due to Covid related travel restrictions. The Board is in close contact with the Celadon controlling shareholder and believes that it continues to be in the Company’s interest to await that transaction’s completion. We will update the market as and when additional information is received
We consequently put these resolutions to Shareholders at the Annual General Meeting. Your Board believes that the proposals are in the best interests of the Company and Shareholders as a whole and is recommending that you vote in favour of the resolutions at the Annual General Meeting.

What makes you say it will fold?