Member Info for Retour_du_Renard

Careful HH that guy has a 'prognosis' and he's not afraid to use it.

Gordon - Sound Energy is 40p and they have only proved up a cave full of camel farts after nearly 3 years. They have over 1bn in circulation.

SOU have only proved up (independently) 0.4 TCF (debatable also) whereas OEX has 1.4TCF and 1.5BBL independently verified and have also had a very favourable recovery report by Schlum and Bakers.

This is why these guys jumped at the chance for a capital raise.

I hope that puts some perspective on it.

Gordon - The amount of shares, fair enough but that's not to say we won't get a split at some point once the ball get's rolling again.

But run the numbers. Previously OEX found no meaningful drill targets due in part to a series of screw-ups by drilling field suppliers (to name a few). Since then, the tech has moved on. Schlumberger have developed the fracking approach to tight structures.

If OEX get's the right farm-in team then this could easily challenge those levels again.

When the case goes Oilex's way then I think you'll see at least 2p for starters.

Good average there though.

Naturally, we the advent of some PR (which is always at a pre-announced time) the shorters will push this as far as they can before it springs back. The sellers have had their time in the sun.

A few choice words and this will spring back.

This says all you need to know

https://twitter.com/GrannySnuffer/status/1039146812920266752

It's based on the fact that OEX operations are currently mothballed. Pre-mothballing, even with the GSPC funding issues, this thing was trading in the 10p+ range.

So it's only logical to assume that with those boxes ticked the least it could do is return to those levels. How quickly it does that of course will be down to the farm-in deal.

But as I said, Republic must have been presented with a pretty good risk/reward case to throw that sort of money at the situation. They could have had the placement much lower as per TOOP today.

leas - Nail on the head well done. Don't agree with everything you said (I don't think it's been overly derailed) but communication is the key here.

Let's hope this week sees some good PR output and some question marks are put to bed.

To quote Align

'"We make the point that our price target of 1.60p was based upon 45% current ownership of the asset and not 100%."

So 100% ownership (or at worst controlling %) and a good farm-in deal with a major.

Go figure, back to 10-14p.

thechancers - They could have had a placing well south of the last night's close to be honest. I think the level is pretty competitive. It also shows that the OEX must have presented Republic et al with a pretty good risk reward case.

Please read this.

http://www.alignresearch.co.uk/oilex/oilex-fund-raising-provides-platform-cambay-field-progression-int-2019/

Obviously, being cashed-up was beneficial before going into the final hearing. It could also force GSPC's hand early.

and Sells look like Buys.

You're assuming I'm educated.

£25k on Friday.

OEX have hardly been pumping this , unlike TOOP.

They could have got this to 0.4/0.5 is they were going to be like that.

You know things are good when these guys show up with barely a clue about what is going on.

Let's hear what the company has to say first and don't give your shares away.

At the end of the day OEX can't facilitate a cash raise without telling people what is happening.

Especially when they have a General Meeting on Friday.

I do think that the reason for the cash raise is sensitive i.e license buyout, therefore the reason they give will need their share to be suspended.

They must be sharing sensitive information with someone.

Good post. Leamington.

The theory is that any percentage GSPC cedes back to OILEX will be granted to a new drilling partner, who in essence pays for that.

This could be quite positive as you infer. OEX have been practically in mothballs for 2 years.

Gubster, not sure who the court case could 'go against' us to be honest. It's more about the % outcome than a binary judgement.

Greendave - There is no one on any site, so they shouldn't have much in the way of burn costs.

Keep in mind that it's the General Meeting on Friday, so Soloman has a lot of dancing to do to answer questions before any meaningful request to the market.

I wonder now if that the proposal put to GSPC by OILEX was to buy out their percentage of the license, they have agreed, but now they need a capital raise to take control.

Just a thought. Makes sense.