|What ever the outcome Magna bidding for those GSPC blocks adds an extra dimension to the situation|
|In theory it should be good news as Magna and other bidders buying the blocks would free up cash for GSPC who owe Oilex 10milion|
|will that good or bad news to OEX?|
|And where would Oex get the money to bid compared to the 500 million that Magna has behind it.More likely that Magna bids for GSPC blocks|
|i dont understand, why OEX not participating in those bidding by GSPC?
Yes it certainly has me scratching my head.
Why would MW take the time and effort to promote the auction on behalf of the GOI, (he did a roadshow in Houston and London) and then not participate themselves?
The only reasons that I can think of is that a better offer might have transpired since then, (i.e. GSPC selling some of their assets).
JS said to myself during a brief phone call that Magnas intentions would become clearer in October (which was the initial deadline for the auction), whether he knows anything or not I'm not sure, but he did say that if GSPC were to sell their % in the Cambay field that Magna would be interested.
Speaking of which it looks like the sale of assets has started.
|From the chairmans address. While planning for the C-78 well is underway, the Company continues to actively evaluate alternative approaches and cost structures to advance the project.|
|hTTp://184.108.40.206/dsf/Content/pdf/02_MikeWatts_DFR_Roadshow2016_Magna_presentation_FINAL.pdf Thanks Terra, clearly worth looking at this link once again following the bidding results. Our CEO mentioned to someone on this board that Magnas intentions would become clearer with the results of this bidding round. I think GSPC had a for sale sign on the blocks at least a year ago. I doubt many blocks have the shear size of the upside a well capitalized company is looking for. Time appears to be running out on Magna and the Cambay field, and OEX needs Magna. It doesn't happen often to resource companies, but it makes a lot of sense, at least based on what we know, for Magna and OEX to come to some agreement, perhaps more now, than any point before.|
|the trades look a little more postive, if we start to move up i think it will be a quick move up.|
List of all bidders for the marginal fields.
So no direct bid from Magna for any of the licence areas but they might be part of a consortium.
This might be to our advantage, GSPC have already stated they are prepared to sell some of their onland bloacks, maybe this has caused a bit of a change of plan for Magna and they will concentrate on Cambay..
Would see a bit of a shot in the arm for the share price
|price of oil has risen a lot last few trading days, i have good feeling here i really do, I can see this gapping up if it does start to rise too not let anyone in with a chance at these prices.|
|AGM next week, right?|
paul the octopus
|Steve This should help...
Expression of interest for drilling and completion services
Oilex Ltd (“Oilex”), Operator of two oil and gas fields namely Cambay and Bhandut Fields located onshore in the Cambay Basin of Gujarat is planning to drill a vertical well in Cambay Field in partnership with the Gujarat State Petroleum Corporation.
Oilex requires drilling and completion services for One (1) well Campaign as detailed below. The well is expected to spud in March 2017. Oilex seeks Expressions of Interest from contractors interested in providing drilling rig, drilling services and fracture stimulation services. Prospective service providers may express interest to tender for single, multiple or bundle services, reflecting their services portfolio and company profile.
|I can see Oilex rising again from tommorow purely on trade pattern|
|Sold all my mosman yesterday on 280 percent rise, I'm committed to oilex now. I can only see upside here now over next 4 months up to next drill.
Happy the risk is off at these prices too.|
|CC are you serious?
GSPC are our current JV partner in Cambay, they are cash strapped and owe us $7M.
They are looking to offload some of their onland blocks to cash rich partners.
This could be the solution to some of current problems, with regards to progressing Cambay.|
|where does oex fit into this|
|GSPC seeks partners for onshore blocks, gets Magna Energy, Essar Oil, Tata Petrodyne, others on board
State-owned oil and gas exploration firm Gujarat State Petroleum Corporation (GSPC) is seeking partners for nearly 20 onshore blocks. It has entered into preliminary agreements with close to eight firms to review the data of the blocks, two officials privy to the development told FE.
Of the 22 blocks on offer for partnerships, 16 are producing hydrocarbon. Nearly eight firms including the UK’s Magna Energy, Essar Oil, Tata Petrodyne, IOC and Bharat PetroResources, among others, have signed non-disclosure pacts with GSPC to study the geological data of the blocks, said one of the officials, who did not wish to be named.
The firms would be offered ‘participating interest’ under the existing production sharing norms. The producing blocks are mature and in need of technical assistance to make hydrocarbon flow from them. This is why GSPC wants to farm out to partners who could bring technical expertise, said another official.|
|JR, nice summary as always.
Nice article showing GSPC's current predicament.
Congress targets Modi over 'plan to buy out GSPC'
|I've added 2 x 500k at 0.495p today (one was logged as a sell).
My average has come down to 0.7295p which I feel is OK as I expect a spike at some point......whether I stay after such a spike is questionable however.|
|Not much I think that we didn't know from today - however the shallower well is key to unlocking the FDP extension - previously I thought it was just a way to get the well to pay for itself - with the main objective the core - which i note following possible FDP extension they are proposing a FRAC within a few months.
While I like the standard of communications for the last few months the outlook is difficult. However that said, both our larger shareholders have sunk a fair bit of cash and their reputations, so I would have thought that they would be prepared to support the proposed drill, however where the rest of the cash comes from is anybody's guess. We really need a white knight ASAP a the resource is impressive, but our fundraising ability is dire at the moment, and i don't see how they can change that.|
|Our new CEO is proving his worth, proves again has bad Ron was,
This is awesome news we have another chance to sort this mess|
|Sort the spread out FFS you are meant to be market makers not market killers|