It's been some time since I've looked at this penny stock, but...

It's been some time since I've looked at this penny stock, but if I can summarise the latest report as this....
1. There's $1,886,000 in the bank.
2. There's a debt of $6.7 million from GSPC, a company that has 55% of Cambay, but is dead broke and is trying to sell many assets. Cambay has been a non performer for long time, largely, but not exclusively as a result of GSPC actions. This is money that is lost. GSPC is unlikely to sell to OEX because OEX has been blamed for GSPC problems, so there's a danger that if OEX is a success, the GSPC brand will be tarnished beyond repair. in India, this is almost sacrilege. Forget getting the money from any new investor, if there is one crazy enough to take on the debt.
3. JPDA is a mess that has been exacerbated by the joint Authority, not necessarily a fault of OEX, being a victim however does not reieve oex from liability. currently at 10% of $1.7MM, which represents the entire cash balance of the company.
4. Indonesia is a basket case of ineptitude and mismanagement. The company that has been raping OEX is now bankrupt and the asset value is probably zero. this is another case of corporate mismanagement that fits in with the decisions to invest in East Timor, Oman and Cambay.
5. India assets now at the mercy of PSC extension, which the Government of India (which includes Govt bodies such as GSPC and ONGC) decides if Oilex has the skill set to continue. based on the financial strength of OEX, they would have to decline the extension and get the asset back on the market, once again proving that GSPC was right to sell their 55%.

None of this tells a story that would excite an investor in this era of tight money. it's way beyond salvation, even by a white as snow knight. perhaps salvation is possible from a well known Indian global charity?? Wait, there isn't one, is there?
the focus has to be to save every dollar, even the dollars (albeit reduced) of the directors and any employee that is not 200% essential. Pick an asset that will not drain the coffers, reduce non executive director salaries to nil and put MD on a simple salary with huge success rewards, perhaps 10% salary, 90% rewards. Then they will show they are serious about saving the company. Preserve cash or die!
A point to note, there has been only one consistent thread that has seen the company value plummet from $1 billion to $zilch. Guess what? its the Chairman. So why don't the others see that? are they ignorant, naive, powerless or just stupid? I don't know. is there anyone in the organisation that has any courage or commitment? no evidence of this is clearly demonstrated to shareholders or stock watchers.
Summary? Basket case, needing a miracle worker. BCNMW.