There hasn’t been an acquisition since the RNS !!! So must be due and still suspended!!! Reason for RNS substantial acquisition which hasn’t happened yet ! Acquisition on the 7th nothing to do with it as allready RNSd so another getting signed hopefully cambay as they are in arb going for the whole lot and if not that still something big
Oilex requests the trading halt to remain in place until the earlier of such time as it makes an announcement to the market in relation to the proposed acquisition and the commencement of trading on 15th August 2019;
Still not resumed yet and there has been no announcement of acquisition since the halt also there would be an RNS saying its resumed
News must be incoming oex has not suspended trading on asx for nothing , so hopefully today or Monday the Acquisition in Cooper-Eromanga Basins was on the 7th trading halt was the 12th so is there another one on the cards cambay ? here’s hoping there’s a deal completed there aswell
could the arbitration process be over, lets hope so
JUNE QUARTERLY REPORT 2019
CAMBAY FIELD, ONSHORE GUJARAT, INDIA
» The Company's plans for the 2019-20 work programme and budget (2020 WP&B) to drill up to two vertical wells are well advanced. Amongst other conditions, these wells are pending resolution of the dispute with GSPC and the necessary funding.
» During the December 2018 quarter, the Company announced that GSPC and the Company had entered into commercial negotiations in order to avoid the matter going to arbitration.
» The discussions between Oilex and GSPC regarding a potential commercial settlement have continued during the June 2019 quarter following the Indian national elections.
» In parallel with these discussions, the Company continues to follow the arbitration process with the Singapore International Arbitration Centre (SIAC) where it seeks to fully enforce its rights under the Joint Operating Agreement.
» In the June 2019 quarter, GSPC made no payments towards outstanding cash calls to the Cambay Joint Venture (Cambay JV).
» During the previous quarter, gas production from the Cambay Field was voluntarily shut-in
sorry this and the last post is from 2018 Following the end of the quarter on 29 July, the Company exercised its option to require the transfer of GSPC's interest in Cambay as it had not remedied the E0D Notice within the 60 days. Accordingly, GSPC shall be deemed to have transferred all of its right, title and beneficial interest in the Cambay project. Furthermore, the Company has formally requested the Directorate General of Hydrocarbons and the Ministry of Petroleum and Natural Gas, India to affect the transfer of GSPC's participating interest (PI) in the Cambay PSC to Oilex. While the Company is confident in its position, should GSPC fail to comply with the EoD Notice and a legal and or regulatory challenge occurs, it may be necessary for Oilex to consider other remedial strategies.
The transfer of GSPC's interest in Cambay would greatly assist the Company in strategic farm-in discussions with third parties. The Company has received several informal expressions of interest from parties to participate in the ongoing work programme and looks forward to updating the market when appropriate.
During the previous quarter gas production at the Cambay Field cycled from C-77H to C-73 as part of the reservoir management. Production during the current quarter averaged 102.4 mscfd with 6.2 bopd oil and associated liquids (23.8 boepd; Oilex net 10.7 boepd). The current gas sales agreements were renegotiated to take any additional produced volumes as and when required. Unless and until the default is remedied, GSPC does not have rights to its share of production.
The Joint Venture had approximately 2,113 bbls of oil (gross) on hand as at 30 June 2018. Subsequent to the end of the quarter, the Company commenced shipping its oil stock piles for sale with proceeds to be substantially received in the September 2018 quarter.