Member Info for Retour_du_Renard

I posted this up a few days back (got myself suspended I did!!). You may find this useful.

GSPC have stated quite categorically that they are investing no more money, also the JV expires early next year so there is little point in them handing over actual money. Read up on GSPC, they are very close to bankruptcy and owe some far bigger concerns far bigger amounts that they don't have a hope in hell of paying back. The Indian Congress have instructed the central bank no t to bail them out and have called for them to go bankrupt.

Read........

If you find this useful, please feel to copy and paste to other platforms.

Oilex / GSPC Situation

https://www.livemint.com/Companies/tcNs2RUmfqs6lFGC5HxhUP/Cambay-oil-field-faces-closure-as-GSPCOilex-joint-venture-t.html

Oilex owed $3m+ by GSPC

https://www.livemint.com/Industry/A4MUWpwfenPkEIscczPKxI/Oilex-threatens-Gujarat-State-Petroleum-Corp-of-Cambay-basin.html

Oilex issues Default Notice to GSPC for $3.05m
http://www.oilex.com.au/investor-information/announcements/announcements-detail/2018/07/30/event-of-default-notice-update

GSPC given to 4th September to challenge, pay or relinquish license to Oilex

http://www.oilex.com.au/investor-information/announcements/announcements-detail/2018/08/13/gspc-event-of-default-update-and-trading-restoration

GSPC close to bankruptcy (far bigger debts than Oilex)
https://m.timesofindia.com/india/congress-alleges-pm-modi-not-allowing-gspc-to-be-declared-bankrupt/articleshow/65573792.cms

https://steelguru.com/gas-oil/sbi-should-declare-gujarat-state-petroleum-as-bankrupt-mr-ramesh/519014

Cambay Reserve & Recoverability

Independently Verified Gas & Oil

https://economictimes.indiatimes.com/industry/energy/oil-gas/oilexs-cambay-basin-block-in-gujarat-holds-1-3-trillion-cubic-feet-gas-1-6-bn-barrels-oil/articleshow/10376603.cms

Recoverability Report (Schlumberger / Baker) 2017

https://uk.webfg.com/news/aim-bulletin/oilex-unveils-favourable-fracking-analysis-for-cambay--2827749.html
https://www.worldoil.com/news/2017/6/6/oilex-provides-update-on-cambay-field-workover-program-in-india

Align Analysis Research Note

http://www.alignresearch.co.uk/cpt-company/oilex-limited/

LSE Regulars - Please feel free to add under this if I've missed any links of info out.

Good luck to all this week.

Chesh - Thanks for clearing up that small point. LOL.

My feeling is that they will accept that GSPC can keep 10% of the license, so they don't lose face politically (also ensuring they have some hope in hell of getting some of their investment back) and that the other 35% will be picked up by a major (hopefully) for drilling services. the remainder going to OEX to give them the controlling percentage. Something like that.

It won't go to arbitration now. That would have happened pretty instantaneously in the court on Tuesday but obviously that wasn't proposed. It is also only used when neither side is willing to negotiate. Which, with the OEX 'proposal' or consideration mean that this isn't the case.

Also, Arbitration has some entry criteria. Firstly, you have to prove legally you don't owe the money and then you have to prove that you have the money should you lose. It's also a costly business and GSPC could see themselves sued for considerably damages and interest should they lose.

Hope this helps.

It's Friday softening to be honest. Also, if you bought in at this level it's no great shakes to sell out and wait I suppose (I think they could be caught out though).

I wouldn't read much into it.

mike29 - You'll notice that there are a couple of people trying to trade this. If you trade match you'll find an equivalent buy match.

It's Friday also and many DTs soften out or exit the market. OEX is sensitive due to it's low volume.

A good buying opportunity at this level.

He only comes out when it rains. Always suspicious of anyone with a username to closely related to the stock.

The reason why I never bought into Fox Biscuits.

2 months ago they were 830

3 months ago they were 1050

If you can do a little volume analysis, you can see some people jumped in early. MMs drop it. They jump out again 30 minutes later replete with brown trousers.

MMs job done. 11.00am time to start loading up.

Nolupus - '@retour the renard

Looks like your tail is on fire ....'

What? based on some ridiculous straw-man argument you've created?

With this announcement, IMM have put pressure on the majors, one of whom failed recently to get their trials much further.

Extended and more refined trials could make IMM a far more expensive proposition for a Major buyout. In a way TM is throwing down the gauntlet here to the market. I suspect that the reason why the participant group is a little lower at this time is because they are being far more select about the entry criteria than they were before and have learned from the mistakes of the last phase of the P3.

westie50 - The MMs were not expecting that update and are currently struggling to keep the price down to allow bigger entry. From previous form and from the fact that they have been quiet for a while, I'd suspect that this could be the first of quite a few RNS over the next couple of weeks.

Who on earth would sell from 19.5p when they have announced an extended trial? If you were out, you'd be out by now and who would accept 1-3% uplift on a speculation stock?

So this is clearly manipulation.

Anyone holding out now to 'get in later' or 'see some signals' then I'd caution that an RNS will drop at any point and you've missed the 1000% bus (at least!).

This could be the Q4 AIM superstar everyone is looking for. 100% of the field, good farm-in deal with a major (definitely being discussed) and this thing could be off the chart in Q1 2019.

Good days.

Love the smell of flamed poster in the morning.

https://youtu.be/bPXVGQnJm0w?t=15s

Jace88 - I'd suggest that the 'majors' just wanted to see a little more as they often do.

This extension will give them an opportunity now. But unfortunately for the majors, if this goes well then they will be paying a lot more for IMM than they would have done before. It's a risk for the majors but clearly one they can afford to take. Especially with the failure of the AZ trial.

You can only hope now that with some of the mistakes and oversights identified with the last trial that they can get this one spot on.

Hopefully, here's for a good day.

https://youtu.be/4AVWZwZq_QU?t=48s

I beg to differ

https://youtu.be/E06cNv55jTs?t=43s

ajax - Friday is always a good RNS day!!

This is pretty obviously being held here. A couple are trying to trade it but without success.

IMM have a number of very interesting licenses that are worth more that the current market value.

The are hardly going to drop Lupzor when they got so close with it. The question is, will a major swoop or will the try and retrial by themselves to totally maximise. Struggling to see the downside on this.

Transfer of wealth to the patient from the impatient.

It's the frequency and not the depth that needs to be observed now.