Member Info for Retour_du_Renard

That's pretty modest by recent standards.

Chesh - By the time people realise they will have missed the boat and will have to form an orderly queue over 4p

This is Mr. I'm not posting on here again.

DesertStar - Good question.

My belief is that this situation is legally very different and there are some other defiining factors that will bring this to a much swifter conclusion but ultimately give OEX the upper hand.

Oilex has issued an 'Event of Default' action against which, in itself, is a conclusive act. GSPC have not disputed the amount, to the point they have acknowledged this by trying to pay some back. The EoD essentially make OEX into the creditor and GSPC the debtor. As long as OEX have followed the correct procedure then there is little the court can actually do unless a compulsive argument can be made.

Also the fact the it's been some months now since the EoD was submitted and the Indian court has not thrown out the action increases the confidence that this matter is going to be resolved far quicker than some believe.

https://www.investopedia.com/terms/e/event-of-default.asp

As Joe stated, he just wants the drills moving again and I feel that this EoD was submitted to not just focus the attention of GSPC but also ensure that, should GSPC go under then OEX are not having to deal with half the license being owned by an administrator.

I don't the OEX's backers would have have not only lent more money but also taken further stock if they thought there was any chance of this rubbling on. They would have surely met with the OEX legal team and/or done their own legal assessment of the situation. They must be happy that OEX are close to sorting this impasse out and getting the field out of mothballs again.

Chesh - At the end of the day, if you are confident (and I am) then it doesn't really matter what the price is.

That said, I'd rather it be where it is now than going off the scale as it would get alarm bells going for me.

Gordon / AnG - Worth pointing out also, there has only been around £6k worth of trades executed today.

It's just being played around with by people moving the price around trying to get in lower.

At least it's not looking like a classic pump and dump. Even if you bought at 0.14 (which is about the most realistic low point it's been too) there is little point selling out at the moment.

Now we know it's definitely going over 20 before then end of the week. Thanks.

antigold - The reason for this price is because on a couple of things.

This stock was being iceberged at 0.25. Someone had put in an inachievable order that was cancelled at the end of the day. This holds the price down to that level.

Also, the spread is insane and puts people off buying at the moment. 15-20% spreads at some points over the last week. That completely puts the casual investor off.

Above all. People are just not willing to put the time and effort into investigating and researching. If they can't pull 700% out of a stock in a couple of days then they start looking for their fix elsewhere.

This is going to be our week.

I think people will start to get that fuzzy glow again when this breaks though 16.

We've been looking at 12/13/14 now for too many days.

Gordon - This isn't a trading stock and to be honest it is only moving on positioning at the moment.

Personally, I am very comfortable with where it is at and would be less comfortable if it was 0.3 or 0.4 as this would give the placement holders plenty of incentive to reduce before the key date (27th Dec).

Even at this point it's insanely undervalued considering they have 45% of a 1.4 TCF field (put that in terms of what Total were talking about in the north sea today)

Annoyingly keeps getting dropped on pocket lint at the moment. I don't think the brokers are getting on the same page.

Would help if Tim Mc got some more news out there.

Just back from a beer festival.

Just one quick observation Mannnan,

In future could you please use $$$ or £££ as the bullet points in future. I think that would be more appropriate.

Night all.

Begger - It does seem that Tim is attempting to diversify the brand or offering to maybe create a succinct package for anyone wishing to take it over soon. Interesting point though.

I don't think they are going for self-manufacture (could be wrong) as the production and marketing costs can become prohibitive. Looking at the respective ages of the board too, I feel they are looking for one big pre-retirement bonanza.

I'm intrigued why Tim McCarthy chose to reference Merck as an example of the MAP.

It was a very controlled and, some would say, scripted interview so it is very telling he used that Big Pharma as an example.

Mike - I would highly suggest reading the recent presentation they gave in Perth (see slide 9).

It states that not only have Schlumberger and Bakers proved up the reserve (which Miller never did) but Joe in his wisdom made Baker's give them a report on why the previous drills failed. They know now (officially) that they have 1.4 TCF and/or 1.5bb oil.

The presentation stated quite clearly they now know the reasons why the previous drills failed and what they need to do to get this thing rocking.

I understand why previous shareholders carry a bit of a chip, I really do and I have been in the same boat, but I really do think Joe and his new team (along with the new backers) need a little space to try and turn this things around.

I come from a Programme Director background and think, in light of the situation, Joe is doing everything right. Naturally I can't anticipant the vagaries of the Indian legal system and can only give it my best second guess. But I think we will be alright with this one. Nice thing is, I think a lot of the AIM bimbos just don't have the chops to understand how big this could be. Have a good evening .

1.9 based on 100% ownership announcement.

This thing was trading 10-14p back the they were drilling, so , as the americans would sat 'do da maff'.

Whatever the outcome here, if Joe and the team can get the drills turning again this thing will fly.

mike - The OEX proposal was presented to GSPC on the 4th. GSPC asked for the adjournment to the 19th Sept to consider the proposal.

19th September, the hearing was the last on the court schedule and due to overruns earlier wasn't even started and pushed back to the 27th. Therefore GSPC have not has an opportunity to discuss in court yet.

My feeling is this (pure speculation, but a good understanding of the situation and corporate negotiations) :- Oilex will have offered GSPC a retainer of 10%. Oilex keeps 55%, with the remaining 35% offered to a new farm out partner.

This will allow GSPC as face-saving percentage and potential return and also allow Oilex an opportunity to find a new partner who can actually support them,

easyp - The 16% IMM holding in Incanthera , who are about to list on AIM, will also be another inducement for any potential buyer.

Whoever buys this now will have bought fingers in a number of pies.

Jay - A good CEO will only ever be 'cautiously optimistic' in situations like this. Anymore upbeat and I would be suspicious that they were trying to pump it.

I think Joe is playing this well.

Keep in mind this is a new management team and they pretty much took over a mothballed operation in a legal mess with next to no money and a troublesome partner. They have done really well to get this to this point and forced GSPC's end game. Not only that but they have proven up the reserve and now understand why the drilling (under the previous management) didn't yield the expected outflows.

Anything that can get the drills moving again is good.

Jay - To be honest, that is probably all he is allowed to say under AIM rules.

It's worth clarifying that this isn't really a 'win / lose' type situation. GSPC has acknowledged the debt. What is being ruled upon here is wether or not OEX have followed the correct EoD procedure and as such have the right to take 100% control of the Cambay License in lieu of the outstanding debt.

This is why Joe keeps referring to 'following the correct procedure' in the RNSs released recently.

Also, the court would have thrown this out of hand weeks ago had they not complied fully with the process.

On the 4th September, OEX presented a proposal to GSPC, which we can only speculate was a 'horse trade' along the lines of give us controlling percentage (and then some) and keep some percentage or we will push for it all.