Cash $3.2 in the bank,still owed $5.5m that $A 8.7m/£6.3m,produced 30bopde for oilex during the quarter better than nothing,report out shortly in august,not bad for mkt cap £4m.
Looks like £4m coming our way,not in India's interest to put off future investment from overseas.look like we will have £5+million in the bank very soon,Jv partner would blow this towards £15/20m or 1p/1.25p.
"We continue to work closely with our partner and are pleased with the progress in resolving outstanding cash calls.� We look forward to further cooperation with our Indian partner and the Government of India in pursing the development of the Cambay project."
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That would make 2.8p/£40m mkt cap,TBH can't see that happening soon but can see .6p/mkt cap £8.5m very soon,why??can see Jv announcement on cambay and more cash coming in from old partner still owes us £4m remember.can also see another project announcement in coming weeks.
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Upside exploration potential has been identified on the PSC and the Company is in discussions with a potential buyer for its interest in the Bhandut field.
Joint venture-example we give another firm x% of the well for x amount of money or x amount of work done,another example india oil takes 50% stake in combay for £10m investment in combay drilling 4wells,hope that explains it for you.
All depends on the Jv deal and what in the report which is due out any day.could abandon cambay which sp would tumble,or it could be huge and 4-5p share.
Oilex is currently in discussions with several potential partners who are undertaking data room reviews of the EP-IV tight gas potential at Cambay. Should any change in the structure of the joint venture eventuate, a restructure of the Company's ongoing funding commitment to the Cambay Project may ensue.