The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
I’m beginning to think a consolidation and fund raising for a new acquisition might be on the cards, would explain the constant selling at these low levels.
Looks like it.. Can't even get on the Oilex website at the moment..
Guod I read in the recent financial report that there is still outstanding money from the Sabarmati field JV, which Oilex relinquished sometime ago. Just amazing how the board allowed it to get to this situation
BP I appreciate they are owed money by GSPC, but you mentioned a specific amount which is not mentioned in any RNS, just wondering where you heard this other than on twitter?
Burmesepython How do you know that a �800K payment is due to Oilex shortly? TIA
http://oilex.com.au/investor-information/aim-rule-26-information
HISO According to the shareholder register that would make you the 5th largest shareholder in Oilex, I think you better contact them to update their register... ;-> Zeta Resources Limited* 121,323,567 7.14% Magna Energy Limited* 114,320,284 6.73% Barclayshare Nominees Limited 94,138,362 5.54% Curmi and Partners Ltd 73,604,878 4.33% HDSL Nominees Limited 60,516,249 3.56%
There's the late big buy I have been waiting to see, looks like they dropped the sp to fill it. Looking good for tomorrow
One takeover at a time is not enough for Zeta Resources https://stockhead.com.au/resources/one-takeover-at-a-time-is-not-enough-for-zeta-resources/
Something is brewing.. so maybe the rumour is right..
Of more significance to me is the volume of trades on ASX over the last few trading sessions, highest for quiet a while.
All sells today, but price holding up. Will we see another large buy reported later?
INDIAN AFFAIRS CAMBAY & BHANDUT PROJECTS Non–payment of cash calls by JV partner, GSPC placed additional burden on Oilex. • Further payments of both old and new cash calls expected Potential sale by GSPC of its 55% interest. Oilex holds pre-emptive right. Cambay PSC expiry in September 2019. Field development plan completed and lodged as extension application in September 2017. GoI approval anticipated in early to mid-2018. Potential sale of Bhandut project
Somewhat surprised by the volume on ASX after JS presentation. Here are a few snippets. BUILDING VALUE IN 2017/2018 LOW COST RISK MANAGED APPROACH FDP required for extension application for Cambay completed and lodged Recent evaluations confirm: • Phased development plan for EP-IV to access multi-TCF gas • Potential re-entry of old wells followed by new vertical well to confirm optimal recipe • Initial lower rate production into low pressure pipelines • Followed up by horizontal production drilling • Aggregated higher rates delivered into high pressure national grid • Additional phased plan for smaller volume OS-II conventional reservoir Economics of phased development positive at all stages • Single well developments expected to be positive – leverages existing infrastructure • Initial delivery through small gas processing plant • Horizontal wells require larger gas plant later Potential sale of non-core smaller asset - Bhandut Active new business opportunities being considered • Focus areas include Australia, Europe and UK • Focus on discovered volumes or technology plays rather than exploration The most surprising thing was cost of horizontal well $6M
spantrout "The question is, will they drill another well before mid 2018 (GOI approval date) when they will know whether they have extended the current PSC?" I guess that answers my question...
Hi Callum I read this article this morning. I still think there is more behind the MW story than we know. Why would he arrange $500M of funding for Magna and then resign? Looks like he's still working for GOI/DGH, but for what benefit? Let's hope Oilex doesn't get shafted and the PSC handed to someone else who's friends with GOI!! Think this is one for Adam.
JS presenting at the Good Oil Conference in Perth September 13th (the irony of the name is not lost on me!!). He's first up, so they are obviously sending out the big guns early doors, to really get the delegates excited. http://www.riuconferences.com.au/upload/conferences/goodoil2017/programme/GO17%20Programme%20Brochure.pdf
Spantrout Whilst I understand your gripes with Oilex, having been here for a long time myself, waiting for the proverbial "promised land" called Cambay, , I echo most of your sentiments, but for me the fault lies with the gung ho approach of Ron Miller and before him Bruce McCarthy. I actually think JS has done a good job. When he became MD in 2016, Oilex was on it's knees. We had the fiasco that was C-77, a non co-operating JV partner GSPC, followed by litigation by major shareholders Zeta Resources. He has set about resolving most of these matters, which I didn't think was possible. With regards to C-78, this was a "dual objective well" targeting limited production from OSII but primarily taking core samples for future stimulation studies. Well, he saved the company several millions by using existing cores from C23Z for these studies, (quite why RM & BM never did this is inexcusable). The work-overs of C-70 & 23Z ,were a mistake IMO, as they had been previously worked over with limited success and the market put too much emphasis on them. Future success now all depends on drilling another fractured well, but before that securing a PSC extension. The question is, will they drill another well before mid 2018 (GOI approval date) when they will know whether they have extended the current PSC?
Schlumberger and Baker Hughes reports are imminent, this should then be a catalyst for further news. Possible farm out/ new JV for Cambay. They have had nearly four months to prepare a detailed forward plan regarding future drilling/PSC extension and funding, so I would be very disappointed if this wasn't presented to the market at the same time. They have also hinted and possible Bhandut sale and new assets.
Thanks Callum, here's wishing for a new JV partner or 100% ownership of Cambay, then we might get the ball rolling again.