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Pineapple they have, it’s called the trading halt and RNS. No need for speeding they have said they know of news!

Lol why would we open up 100% up again
No news could be 0.19, could be 0.27 knowing oex!
Don’t think news will come until opening of ASX Thursday which would mean late/after hours tomorrow imo as it would have to be after close of asx

Teaboy I know that feeling with a few of my stocks but ultimately none of us know and knowing my luck it will be an anticlimax!

Only thing keeping me positive is such a big rise on no real news bar a trading halt in aus, which lends me to believe someone knows and word is out in London, given they didn’t suspend on both exchanges. Also a strong close so could gap up on open

Teaboy, imo you wouldn’t need to halt the share to confirm what has already been issued in a previous RNS.
The idea of suspending trading in order to correct what would be in imbalance in trading due to significant news

Cooper basin is no longer significant news, all details and price sensitive news and details of transaction are all in the public domain. If that was the case ASX would be suspended every other day!

Depends if they need to make the disquisition in today’s RNS between a related party transaction and a substantial transaction as there are rules on each of these definitions that need to be used

Not sure

Like that Yuri ;) did give me a chuckle lol

Are we sure it’s not anything to do with the Acquisition in Cooper-Eromanga Basins?

Tomorrow will be very telling. Sink or rocket

Like a casino red or black, most have double downed today on a continuation tomorrow!

Interesting next, very interesting!

If it was the purchase of Cambay, I believe that would be classed as a “related party transaction” under rule 13, whereas the RNS states “substantial transaction” which is under rule 12, they appear different ?

https://www.burges-salmon.com/-/media/files/publications/open-access/aim_companies_corporate_transactions_and_the_aim_rules_for_companies.pdf

Something is going on as I’ve never seen a stock rise 100% on a trading halt!

Jarv, yeah, it’s just I feel it’s something other than that give today’s rise.
Personally I can’t justify a 100% rise on the other 50% of the licenses, given we didn’t rise anywhere near that on the first 50%.

The only thing for Cambay it could be is we know GSPC is skint so have we said we will buy them out and write off some debt, save everyone ADR money and walk away? Maybe leave a small part on the table as a free carry

Jarv could be any as you rightly point out. The issue I would have with that purchase is it still needs money spent, is a long time away from profit and revenue. The company needs totally restructuring imo selling off the crap and buying better average in better and easier jurisdictions

I assume they feel it won’t be a fair market in Aus. That’s the idea of a trading halt to ensue a fair market. Although ASX is stricter than than LSE
Seems pointless to me with one trading and not the other!

As long as it’s not been artificially raised for a placing! (To fund something). Anything new and if to be funded by shareholders must be an up and running profitable acquisition, adding immediate revenue and margin

I would hope Joe S isn’t as stupid to buy something to add to the already headaches that needs a lot of work

Never seen a 100% rise on a trading halt before

I have a feeling reading the BD section in the last report it’s a buy. Which I think will be a poor move at this stage.
The classes on aim rules says something about 10% but not sure if that’s of mcap, growth, profit or revenue.
I just think we have too many disputes everywhere at the minute to buy something else

However the good thing is the rise today, and it held and was strong into close, so that’s certainly positive that it didn’t fall away

Problem with Cambay is at this stage it’s too messy to get out of.

I did note in the quarterly report the following,

Business Development

The Company has been actively seeking new projects for an extended period focussed on the UK Continental Shelf and Cooper Basin, Australia. The Company is in advanced negotiations on several new ventures, however, no binding agreements have been entered into at this time. The Company is making all efforts to conclude negotiations and further announcements will be made in due course. Shareholders are advised that there is no certainty that an agreement can be reached

Won’t be Cambay. They have spent too much on it, plus legally it’s still a mess, with ADR looming.

If anything is sold it will be Bhandut given it’s common knowledge they are looking to sell and have had discussions with buyers (see quarterly report). Either than or they are buying the remaining 55% which imo is pointless

Gazza agreed!

I don’t think it’s OEX acquiring as I see no point nor need to waste what is already tight cash on another acquisition?

We have our work cut out already with what we have, plus further equity and funding is not the answer right now. We need to make work what we have and create value from that initially

£5mil mcap so anything “sold” will bring value.

Anything purchased imo will be a bad move right now for OEX

Gazza. Not sure, it’s an odd one given Aim allows trade and Asx requires a halt.
I keep reading the RNS but not much given away. Cambay I can’t see it, given last update was only recently and it seemed they had a long way to go to resolve that one.
Indian assets we know they are trying to sell, but deadline is end of this month for bids (but OEX does have first refusal), so it could be too early for announce anything here, unless we have agreed to take it before bidding closes
Can’t be recent acquisition as we have been notified by RNS it’s already happening so no need to halt ASX based upon that

But then what do oex have to offer to sell, I did look up the aim rules and definitions of it being classed as a substantial transaction but it’s as clear as mud in the rules!

Could be oex purchasing or another purchasing oex (or part of). We just don’t know. It has to be more than 10% of business according to aim rules of Substantial transaction

Gordon,

“The trading halt is requested pending an announcement by Oilex in relation to a proposed acquisition”

Acquisition “by” oex or acquisition “made” by another party

I guess as someone posted earlier you could read it both ways (as in a proposed acquisition “of” oex)

I did try read up on the substantial transaction rules and classes, but it seems a bit of a mine field, that said it is odd that we have a trading halt and rise so much. In my experience it’s just flat. Guess someone knows something, as there would be no reason to raise this by 100% simply on a halt RNS

Makes you wonder