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Sorry I thought administratively complete was new?
Surely this is positive too "declared administratively complete and have recorded it as a proposal for a Direct Offer through a Joint Study as stipulated in ESDM Regulation No. 35 of 2008."
Technical work carried out by Oilex and its advisors estimate that the field can be quickly brought back online at 350 to 400 bopd and that significant additional production potential may be possible from infill drilling and also water injection support. The return to production will require careful execution in the field given that it has been shut in since 2016. The oil occurs in five good quality, stacked reservoirs with some stratigraphic complexity, and the application of 3D seismic data which has been acquired but not interpreted should provide a significant improvement in the understanding of the reservoir distribution and future development planning. Access to the data is to be negotiated with the seismic company that acquired it. The oil is of good quality with no or little gas. It is believed that previous production costs can be reduced. A number of exploration opportunities are present both close to the Pendalian field and in the more distant parts of the block, these require further review evaluation.
Loan extension + money coming in, thought this was best part.
WEST KAMPAR PSC, CENTRAL SUMATRA, INDONESIA
(Oilex: 45% interest and further 22.5% secured )
During the quarter the Company announced substantial progress has been made towards the Company's strategic objective to regain a participating interest in the West Kampar PSC in Indonesia, which is expected to lead, subject to financing, to recommencing production from the Pendalian Oilfield.
Following various meetings and correspondence with the Government of Indonesia (GoI) and with the support of our local Indonesian partner, the GoI has advised that our Proposed Direct Bid, through the Joint Study of the West Kampar Region, is declared administratively complete and have recorded it as a proposal for a Direct Offer through a Joint Study as stipulated in ESDM Regulation No. 35 of 2008.
This confirmation from the GoI, which is exclusive to Oilex, provides a pathway to progress the proposed development of West Kampar and provides certain preferential rights in the award of the West Kampar PSC by the GoI. Oilex's interest in the study and ultimate potential award of the PSC will be on a 50-50 joint basis with its local Indonesian partner, PT Ephindo
My reasoning other than titanium testicles, £2.2m raised at 0.16 beginning Octoberr, HH work over nearly complete news soon, Loxley in few weeks rise on anticipation.
Seen a few over the years, used for reverse take overs companies looking to list on the markets by taking over a failed company then listing as their entity. There is value for a company just for the listing alone.
Mystery buyer again loading up.
Looks like GOI want to right some wrongs.
Sorry not on here all the time. Obviously I don't have the contract neither do you but the company does and written in an RNS they use the word "terms" so my grasping of that titbit is that they have full understanding and do not accept the date. I'll wait for the Company official update. Still doesn't detract a £3m MCAP half of which I've seen shell companies on AIM with nothing but a ticker.
under the terms of the Funding Agreement the loan expires in June 2021. 9 months away.
I see asset value of £6,341,890 as at 31 December current MCAP of £1m with 89m shares in issue, what is the current debt? Surely this is priced as a shell at the moment? RTO target to offset loses? Got to be worth more than current SP for the listing alone. With few shares in issue wouldn't of thought it would take much to see a few bags here.
Webis - Cal Expo racetrack in Sacramento "The bill would have allowed the tribes and the racetracks to operate both brick-and-mortar and online sports books" next week it's not over yet.
Tribal appeal next week if positive will be a big revenue generator for Webis, disappointing week for sports betting but horse racing online will be be huge. Look at horse racing over here, hardly any people actually go to the track but flutter on horses online, I know I do. 2nd July appeal will benefit Webis if it gets through.