No not offended, you made to laugh inside, the only one bold enough to LOL in public. Who ever it is could have picked a Monty Python name like: incontinentia buttocks (that would have packed me up tbh)
Todays RNS has put your mind to rest with regards to the outstanding cash calls. Thank GOD for small mercies, and possibly some cash to obtain an extra slice in cambay. Possibly reverse the cards so Oilex holds 55% - 45% to Joint Partner.
You're proberly not far wrong with the open and shut case senario. The lack of details on the entire matter is a mystery to all, as you mention.
I would hazzard a guess, based on my accounting knowledge, that Oilex possibly didn't follow the correct procedure in reconciling the PSC, because the outstannding monies go back quite some time (many years). If I was reconciling the JSA costs to the partners I would be on the case to GSPC every single month with at least one email chasing for their share of the monies. As every month passed I would be providing them with aged debt. statements (every single month).
IT IS ONLY A GUT FEELING but I don't think from what I have read OEX failed on that front. Which could be part of the problem when judgement on the entire court case. IMHO
I could be 100% wrong - BUT it's like you say "Goud7" we are very much in the dark with the ins and outs.
Yuri, Are you arranging a slap up dinner to celebrate recent events?
Hers's a question for the more experienced "oil" invester. Approx. how long does it take to drill an oil well? (OK, before you answer II guess it would depend on a few things, such as the type of rock and total depth, etc.)
A ballpoint guide would be great to know - I am guessing that no progressing to quickly (bull in a china shop approach) it would take between 2 1/2 - 3 1/2 months to complete drilling ??
Investinvalue, Millions! I believe about £3.5 ish million. My point exactly! If some company owes you that much money you don't turn around and say F**K it clean the slate and you sell your holding to any Tom, Dick or Harry. We want it and we want it CHEAP ! ! !
OEX, Pursuant to the JOA, Oilex holds a first right of refusal where GSPC disposes of its 55% interest in the Cambay PSC.
IMHO as noted above if GSPC were not prepared to settle previously is because the potential value of Cambay is mind blowing, they know that and so do OEX .......BUT the stupid BAST***S failed to maintain there side of the agreement with regarrds to the PSC. Time went by and more time went by and SH*TE loads of water under the bridge.
So my opinion is that if the deal is that GSPC will sell up and F**K off then should OEX want to obtain GSPC's 55% then the following needs to be considered in the offer;
* outstanding cash calls (approx £3.5 million) * interest on unpaid cash calls (compound) * Compensation lets say £2.5 million for F**k'n around and wasting valuable time