The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Maybe tranche 2 options might be the reason for current sp rise.. Exercise price 0.35p expiry 22 Nov. Tranche 2 Subject to shareholder approval, the Company will issue approximately 246,090,941 Shares at a price of 0.225 pence per Share to raise a further GBP0.554 million (Tranche 2 Shares). Each Tranche 2 Share shall be issued with an attached unlisted option which will be exercisable at 0.35 pence (A$0.0056) at any time within six months from the date of issue. Each option holder shall be entitled to be issued one Share upon exercise and payment of the exercise price.
Edit: It's a research note not a broker, but it still shows the potential upside. One re-entry and two vertical wells are planned for H2 2018, probably funded by a new JV partner farming in, with Oilex retaining a 30% to 45% stake.
The signs are, there is a buyer in the background happy to take anyone's shares at these prices. Bid held firm all day despite the sells, then a late delayed buy. This has happened for a few days in a row now.
Especially Newbie who sold 7.9M. I feel for you.
Hmm I wonder who that is? Finally a clear forward development plan, with logical progression.
"I haven't kept involved with anything for a long time now" Probably the best way Lewis!! Short answer, PSC renewal decision due Q2 2018, nothing major will happen before then IMO. We are owed $5.5M from GSPC which is filtering in slowly.. O/T Anyone noticed the quiet accumulation of shares over the last two weeks.
Wouldn't surprise me to see Oilex bidding in the next HELP round, which closes 15th Nov https://pbs.twimg.com/media/DNsqh4BXUAEHklV.jpg
Looks like Mr Salomon has been busy. See below for copy of a presentation he made in Mumbai championing business in India, on behalf of the DGH it appears, good relations will help for PSC renewal. http://online.dghindia.org/oalp/Content/pdf/1_MoPNG_Presentation_Mumbai_Final.pdf You're welcome TF
Likewise with CS, can't buy even �100 but can sell 3M. Someone has been accumulating this week, we have had two 10M buys plus a 5M. Might be some life yet in Oilex!!
bbr391 Looks like a morning star reversal pattern. Fingers crossed for another blue day tomorrow.
Anyone have a subscription to Petrowatch? Oilex MD Jonathan Salomon in love with India.. http://www.petrowatch.com/synopsis.php?artId=16419&w=1
Might be putting 2+2 togethe,r but found this tender on Indianpetroplus, not aware of other companies hydrofracturing currently in India. Project Name: Drilling Site Hydrofracturing (Proppant requirement) Project Description: Promoter is planning hydraulic fracturing work in its onland oil fields. The requirement from promoter's end for Hydrofracturing services will be for lightweight ceramic/sintered bauxite proppant having a preferable mesh size of 20/40 or 16/30 or 12/20 respectively. An annual requirement of 1000 MT of proppant is expected from the promoter's end. Project Event: RFP's for the proppant is expected by November end 2017. Expenditure Approval: Sep/2017 RFQ Date: Nov/2017 Release Date: Nov/2017 Start Date: Q1/2018 Completion Date: Q1/2018
I have to agree with you Cookie10. MC presided over the most calamitous period for Oilex (and that's saying something). If Oilex had implemented the cautious approach prior to 76 & 77, rather than the cavalier approach of BM and RM it wouldn't be in this mess. I still find it staggering that no core analysis was done prior to either of these two wells, how did they think they would successfully stimulate a long horizontal well with no studies. Having said that, this is now priced as a failure and so there might be some value going forward if they can retrieve some money from GSPC and Bhandut sale and drill another well. (alas probably not for LTH)
Conger I echo everyone else's best wishes always a tough decision to make. I too found no real positives from the 1/4 report. A meager US$112K received from GSPC against an outstanding amount of $5.5M doesn't fill me with hope for the remaining debt being settled. Cash burn for the three months was �1.32M against current cash or �1.12M, (not good) although I imagine that there were several one off costs involved paying Schlumberger and Baker Hughes. They do seem confident of Bhandut sale (but surely no-one would buy this as the PSC renewal has yet to be agreed?) From the 1/4 report: "The cash position at the end of the quarter, cost reduction strategy and together with the possibility of further cash inflows from payment of cash call arrears and or the sale of Bhandut is anticipated to assist the Company in being able to defer any significant equity issues in the near term" All in all, they seem to be going into hibernation for the winter and hoping that spring will bring some minor miracle.
Good luck skuncik, I hope you recover your losses. I think you might have gone too soo. Annual report and quarterly reports due this month, not expecting any further nasties, but could see further payments from GSPC, which would be accompanied by the inevitable spike in Oilex sp .
So... Annual report due next week, (not expecting anything of note). Then of more significance, quarterly report end of Oct, when we will see if GSPC have coughed up some more money that they owe OEX.. Looks like they are preparing a new website, as it is down again!! (Not holding my breath)
Ajax Try https instead of http
Is it just me, but I can't get on it?