Member Info for Retour_du_Renard

I think a few people on here still think that this is going to go to the decision of the court. I disagree.

Clearly OEX put something on the table yesterday that GSPC regarded worthy of consideration and was enough for the court to agreed to adjourning for a couple of weeks.

Should GSPC accept the consideration then the 'final' hearing on the 19th will be cancelled.

This could happen today, tomorrow or anytime between now and the 19th.

Things could get a little busy tomorrow morning.

Anyone who is new to the Oilex situation but has no doubt heard the buzz or noticed the volatility, here is a web referenced ‘101’ that will hopefully allow you to get up to speed with the sitation and potential without having to do the usual trawl. Obviously it's not 'exhaustive' and as always DYOR, but hopefully a good starting point.

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

Oilex / GSPC Situation

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.

It's clear that the Citibroker is using the 'China Crisis' as a convenient cover to continue the buying campaign. It does indicate that Glencore must be confident that prices will rise quite soon as they are increasing the daily buying amounts. They have almost completed tranches 1 and 2 of the buy-back campaign, which they probably would never though they could do so quickly. They now have 3 months to complete the third and smallest buying tranche.

Furthermore, Trump has to get these tariff talks resolved quickly before the mid-terms and the G20 Summit in November. The general mood of US big business is starting to sour against Trump as these congressional consultation periods have indicated, so sooner or later this month I would expect the mood to lighten and things move up.

Trump is all about threats and bluster in order to create a advantage position before official talks but China doesn't seem to be yielding. Time is running out and Trump knows it.

Then if I was AZ, I would quickly buy out the competition, whilst it's still cheap.

It's called good business.

Even the government don't want them to renew or enter into new JVs.

https://timesofindia.indiatimes.com/city/vadodara/congress-opposes-vmc-joint-venture-with-gspc/articleshow/65629847.cms

Folks,

Just remember Australia and India get Tuesday 4th September before we do. So we could hear something by Monday lunchtime. Tick tock.

The more I analyse the volume data the more I realise this is being kept artificially low by the guys running the buyback programme. Strange they kept going when they were suppose to stop (albeit temporarily) on the 7th August.

Pretty obvious what is going on really.

That said, because they are holding them in Treasury and not cancelling the buyback shares then, at least when things recover, they will probably make $400m.

Not sure pointing out the obvious and very attainable upside here before the whole market sees it is necessarily 'ramping'.

See this so many times before. The market will see this rocket 100s of percent when it happens and all of a sudden the 'experts' show up. Don't mind that a bit as this stock need some liquidity.

There are Expo companies out there nowhere near a close to actually pay dirt as Oilex or sat on the reserves but are considerably higher in terms of share price. Some in the 20-50p range.

DYOR - All goes well next week and it could be an incredible Q4.

ATX - Cambay and Oilex are so far down the pecking order for GSPC, I think they will just let it go.

GSPC owe far more to far bigger entities and simply can't afford to blow more money on arbitration. Also, with all the corruption buzz around them no one in their right mind will lend them anymore money to cover the debt.

and I bought back in at a slightly lower price than the sell. Acted on some duff info via a tip-off, hence why I only sold half of holding.

Bought more today. Locked and loaded now.

greendave - All the 'duck are aligned' here as they say.

They have had independent verification of 1.3 TCF and 1.6bn barrels. Last year both Schlumberger and Bakers said it was imminently recoverable using fracking. Thats way more than a few companies I could mention.

Owning 100% of a license gives them a huge advantage, allowing them to pick an choose a wealthy farm-in partner that will also allow for better financial leverage.

I find it quite telling that the General Meeting has been called 10 days after the license lapse (4th Sept).

Prepare for fireworks here. You'll be glad you got in early.

Worth pointing out that this was Independently verified and proven.

Sound Energy has only just received their verified 0.4 TCF and they are 40p. Just insane.

Antigold - So what?

Has it evaporated?

Excited yet

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

Vestor - By the end of today there will technically be only 1 day left for GSPC to act.

It's in no ones interest to leave it until the 11th hour (this ain't hollywood).

Also, with corporate arbitration (an expensive process) you have to be able to prove to the arbitrary body you have the funds in dispute before entering the phase (been through the process) otherwise it's a waste of time should they lose. GSPC do not have the money to pay.

Monday is the key day. If the OEX CEO has got any skill at all, he'll already have a farm-in partner lined up (but couldn't announce as GSPC could leverage the position) my guess is that you could see an announcement very quickly after the 4th wherein I think OILEX will be granted either total rights or a controlling right in the license commensurate with the amount owed.

I still believe that Schlumberger could be partners in this.

Only hours left now.

Exactly what happened with Sound Energy.

Seems to be some pretty reasonable sized trades coming in throughout the day now. I think tomorrow could be a bit manic and next week could be chaos as people try to jump on the band wagon. If you are in already well done.

If AimTraderX is correct, I'd be surprised if Schlumberger don't take a farm-in percentage for drilling rights as they already have the fracking results in. This could hit 7-10p if that was announced.

They have worked together before.

http://www.proactiveinvestors.co.uk/companies/news/56543/oilex-teams-up-with-schlumberger-for-cambay-77h-well-66730.html

https://www.worldoil.com/news/2017/4/21/schlumberger-baker-hughes-awarded-key-contracts-for-cambay-core-analysis-in-india

Picket - FFS - Those are bolognese bands.

Sometimes I think you are guys are just making all this stuff up!

The correlates with my fibonacci and carbonara ladder.