Oilex Ld Share Discussion Threads

[smackeraim] 19/1/2020 20:15

Right of refusal in this case. A bid has already been made, either Oilex match the bid on the same terms or the process continues. It is being sold.

[cool hand kev] 19/1/2020 15:29

Oh pleasant news I've been off line since 1pm on Friday :-)

[smackeraim] 19/1/2020 11:39

Got to be worth a generous amount plus back costs, or Oilex would have ditched this whole process years ago imo... reading old articles gives you an idea.hTTps://economictimes.com/industry/energy/oil-gas/oilex-to-start-gas-production-from-cambay-field-next-year/articleshow/6923865.cms

[smackeraim] 19/1/2020 11:30

Dunno mate.

[bloomberg2] 19/1/2020 11:23

What price on 55% cambay then?

[noirua] 19/1/2020 01:32

I remain holding two thirds of my shares but with quite a lot of nervousness. If Oilex took up the option to purchase GSPC's 55% of Cambay: How the hell could they pay for it. That factor may well be in many minds and they have probably reduced like myself.

[smackeraim] 18/1/2020 13:47

Oilex Ltd said Friday that further to the settlement agreed with Gujarat State Petroleum Corporation, a preferred bidder has been identified to acquire GSPC's 55% stake in the Cambay production contract.Oilex shares were up 29% at 0.21 pence in afternoon trade in London.The Australia-based oil & gas company said the chosen bidder will be invited by GSPC to finalise negotiations before seeking applicable regulatory approvals in India.In early September, Oilex and GSPC reached a settlement in which GSPC said it would "use its best endeavours to complete the sale process within 90 days from commencement", which had been expected to occur on or about September 24.The settlement came after a dispute between the two companies which began in May 2018. Oilex issued an event of default notice in May 2018 for the equivalent of USD3.1 million related to GSPC's failure to pay its participating interest in Cambay expenses. When this was not paid, Oilex then requested the transfer of GSPC's interest in Cambay to Oilex.This dispute went through the courts and in November 2018, GSPC was granted a stay order to delay the event of default notice. As part of the agreement, Gujarat State Petroleum was required to commence arbitration proceedings.In December 2019, Oilex withdrew the event of default notice and GSPC's arbitration proceedings were terminated.Oilex still holds a right of refusal to GSPC's 55% interest in Cambay.

[noirua] 18/1/2020 10:54

As OEX seem likely to raise cash at a 16.5% or so discount to the 10 day VWAP. It seems unlikely they will cash raise until at least 10 trading days time. They might even be able to raise cash at no discount in the present circumstance or even a minor premium.

The above does not mean there will be a cash raising. Just presenting the circumstances of a possible event.

[noirua] 18/1/2020 10:30

September Quarterly Report:

» Hartleys Limited has been appointed to lead the arrangement of funding for the Senex
acquisition.

» Cash resources at 30 September 2019 were approximately $0.254 million.
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30 September 2019 -

Oilex Ltd (Oilex or the Company) is pleased to announce that it has arranged an equity capital raising to secure funding of £0.6 million (A$1.14 million) to advance the Cambay Project and new ventures together with reducing debt and meeting its working capital requirements.

The equity capital raising is by way of a placing of 315,789,474 shares (Placing Shares) at 0.19 pence (A$0.3480) per share (the “Placing”) has been undertaken by Novum Securities Limited (Novum) to new and existing shareholders. The Placing price represents a 16.5% discount to the 10-day VWAP as traded on AIM.

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30 October 2019 -

Oilex Ltd (Oilex or the Company) advises that it has expanded its recent equity capital raising by £150,000 (A$0.281 million) at a price of 0.19 pence (A$0.00356) per new ordinary share issued (the Placing). The Placing of 78,947,368 new ordinary shares is to clients Novum Securities Limited (Novum) and existing shareholders of the company. ...

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31 December 2019 - Option conversion - The Board of Oilex Limited (the Company) is pleased to announce that it has received option conversion notices for 60,150,375 options convertible at $0.00266 each (A$160,000) on or before 31 December 2019.

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3 January 2020 -

Oilex Ltd (Oilex or the Company) advises that it has issued 124,060,150 shares at A$0.00266 (total A$330,000) pursuant to the exercise and underwriting of options as announced on 31 December 2019.

[josephrobert] 18/1/2020 09:05

smackeraim - 17 Jan '20 - 16:20 - 22852 of 22865 - yes quite right to quote that - however Oilex asserts it is owed $5.7m USD as quoted in the last quarterly report. Looking through the RNS's that is the historical figure immediately before the legal proceedings; unfortunately why the Event of Default (EoD) quoted the lesser figure of $3m and a bit - wasn't ever made clear. From one of the RNS's it is unlikely that GSPC will pay this figure directly to OEX, but OEX suggests the possibility a JV partner will account for it.

Looking at the existing cash levels and the share price action, we need to pencil in the possibility of another small equity raise at 0.19p, quite possibly on Monday.

Luckygit - 17 Jan '20 - 14:19 - 22833 of 22865 - crunch the numbers and a punt isn't the term - the upside downside ratio is heavily skewed the right way. We are currently valued a little more than a cash shell but the Cambay field is worth a lot more.

Silversoldier - 17 Jan '20 - 17:14 - 22854 of 22865 - unfortunately we have never sold a slice of Cambay to Magna...debatable if it is worth more (probably imo) or less to be honest but based on how little we know it's a good start to value Cambay.

I would pencil in that we get back to 0.6p based on the figures mentioned in one of my previous posts.

GLAH.

[smackeraim] 17/1/2020 22:28

Sorry Oilex EIS .. Doh damn phone

[smackeraim] 17/1/2020 22:22

And Oilex EIA (East Irish Sea) ltd incorporated in December.. you can see where all this is heading.

[smackeraim] 17/1/2020 22:19

throw into the mix they are owed $3m minimum too... and it's game on

[letmepass] 17/1/2020 21:45

Only one buyer but thats all it takes.

[silversoldier] 17/1/2020 20:06

I think gspc get in the region of 20-25m

[smackeraim] 17/1/2020 19:45

Lol guess who sold !

[profit7] 17/1/2020 19:37

Jam jam and more jam for the last 10 years.
Board of directors gives no foook as they are getting salary, whilst investors are losing money

[profit7] 17/1/2020 19:36

All seems staged, not a proper company, just
Jam tomorrow

[smackeraim] 17/1/2020 19:14

https://connect.ihsmarkit.com/upstream-insight/article/heroldReports/136046/seam-alert-gspc-has-commenced-a-formal-sale-process-for-its-55-participating-interest-in-the-cambay-psc-onshore-india

[silversoldier] 17/1/2020 17:14

Well we sold 10% to manga energy back in 2013 for $4m, given the expenditure and analysis since you would think it is derisked and worth more....

[sigora] 17/1/2020 16:35

would like to see what gspc 55% is valued at and who the bidder is , then we can have a decent rerate here

[smackeraim] 17/1/2020 16:20

Remember..."on 29 May 2018, the Company issued an EoD Notice to GSPC in accordance with the JOA for the equivalent amount of US$3,054,832. The EoD Notice was issued as a result of GSPC's ongoing failure to pay its Participating Interest (PI) share of Cambay PSC expenses. "