Member Info for Targaryen2

Or how about a free kangaroo burger with every million shares you buy! ?

If we are guessing, then I say they will announce that the loan will be converted to share issues and they will go it alone with Irish Sea... they will raise a bit more to get the ball rolling there.

That would be nice? :)

Ha ha Gordon...
Watch out for ‘The Tempest’ over the coming days and weeks.... but all will be revealed on the ‘Twelfth Night’ or there about. :)

Shocked emoji!

I agree Yuri... in the long term this looks like a good prospect. But it’s depends on if you can wait long enough for the ‘real’ returns. Traders will be in and out. So expecting a few spikes here and there...

Unfortunately, it wasn’t me! Otherwise I would be out partying already!
Might even buy a round for all the patient Oilexers!

Also degsy... things won’t happen overnight.... they need to pay A$1m to renew the licence fees which they are not planning on doing immediately:
“The total annual amount of the Northern Fairway PRL renewal fees is approximately $1 million. The Company also assumes the expenditure targets under the PRLs. Failure to achieve the expenditure target will result in pro-rata relinquishment of the permits. The Company notes that the Northern Fairway PRLs are currently suspended by the South Australian Government, suspending the annual license fees and work obligations. Oilex intends to continue this suspension for a period.”

That’s right the are using some of the previous raise money to pay for that too.

Yes... since last raise was £0.6m I believe and this would cost £0.5m yet they still have outstanding loan payable by Tuesday.

As reference: “Oilex is in advanced negotiations with potential co-investors into Oilex’s half of the KLW Joint Venture, where the co- investors would substantially fund the Purchase Consideration payable by Oilex, should the Proposed Transaction complete. In this case, the Company’s beneficial interest in the joint venture will be reduced. ”

I note the word “substantially” which would imply that Oilex would have less than 25% at best. Unless the opt to raise and dilute.

...and if they don’t manage to get a co investor in time then... 1) they give it up an£ loose the £55k deposit...or 2)raise more money to buy the whole 50%.
IMO

Yes Gordon.... missed you...been on holiday?
Also, they want the co-investor to be footing the expense bill...therefore they will have a larger share than Oilex. Right?

Company maker?..... Depends on the percentage they get.

Hi Husk,
I don’t think he is suggesting that...although it did look like it, which is why I wanted to clear it up...before people got carried away.
I think he is implying that Cambay is a good area with already successful outcome with other players in the area....so will be good for Oilex too. Well at least that’s how I read it.
GLA. And DYOR.

Oh... that would have been good if it was. Thanks for the links....
GLA

Are you suggesting that Cairne will be JV partner with Oilex on the Cambay project once they the sale goes through?

Be careful with that though... they have the ‘potential’ of acquiring up to 50%. That depends on a number of factors. Who, if anyone they partner with. How much they will be left with. Anything is better than nothing if it doesn’t cost a thing...or very little. But if they don’t find a partner in time, they will need to find money to go it alone. It’s all about timing...

Is there more to this story? Don’t leave me hanging. :(

And by the way IIV where do you get the hares from? ;)
I like rabbit stew too.

Yuri....let’s see what happens at the party... few drinks later! ;)

Oh and that’s not to say we won’t get an RNS.... if you have read the previous RNSs like IIV appears to have (HP for you) then you will know the deadlines we are waiting for. So soon. Really depends on how patient are you?