I'm still stuck on a forced buyout - after a failed psa. In 20...

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Har98

73 Posts.

29/07/16

22:52

Post #: 18404787
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Originally posted by blackhat ↑

some interesting data here. First to say thank you for the report, even though it was given because it was compulsory, but nevertheless, it was news.
firstly, there was this quote "Oilex may elect to sole risk the programme pursuant to the Joint Operating Agreement (JOA). "
now this is long overdue and we look forward to hearing of this schedule and more importantly, estimates of what defines a successful outcome for the well and how it will be done with the money currently available, especially since the Indian contractors are still reeling from the lack of payments associated with the last well.
secondly there was a statement on admin expenditure that seemed a little out of whack. $1.11 million per quarter is well above expectations and no better than what RM was able to achieve, it really should be half that sum.
if we assume it will take 9 months to get the next sole source well drilled, and assuming it can be done for about $6 million, then there is a shortfall of over $4 million. there was no mention of future fund raising.

I am hopeful that Saloman can explain his strategies soon. if it relies on GSPC paying their bills that will result in them indirectly funding a sole source well, that would be naive.

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I'm still stuck on a forced buyout - after a failed psa. In 20 years time the legendary story of an oilfield picked up for next to nothing will still be talked about

OEX Price at posting: 0.9¢ Sentiment: None Disclosure: Not Held
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I'm still stuck on a forced buyout - after a failed psa. In 20...

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