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mandurah

893 Posts.

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15/10/14

12:31

Post #: 14127961
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Originally posted by LR2 ↑

... Magna offered US $4 million for 10% of the Cambay asset and then thought that was such a grand idea they offered another US $2 million for a further 5%. Well, if they thought US $6 million was a great deal for 15% of Cambay then what do you reckon they must think of the following?

If 15% of Cambay is worth US $6 million then 100% of Cambay must be worth US $40 million, mustn't it? At least to Magna it must.

However, what's the whole of Oilex worth right now? Well, it says AU $49.97 million on the right hand side of the HC web page which is equivalent to US $43.6 million at today's exchange rate.

So, Cambay is worth US $40 million (and that's a steal right?), therefore the Canning Basin assets, Bhandut, Sabarmati, JPDA 06-103 (Timor), West Kampar (Sumatra) and the US $10 million Oilex have banked is worth $3.6 million.

Interesting times. Can it really go much lower?

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Cambay 8 weeks ago was worth $100m, it is now worth $40m. It could still end up being worth nothing.
What Magna initially offered is irrelevant at this point, looked liked a good thing for Oilex that it was
knocked back prior to the great ann of 21/7.

Magna is now in the position of a lot of SH that could have sold at the 20c+ mark. What looked like
a sound investment 8 weeks ago now sits on a knife-edge, just like the rest of us still holding.

GLTAH

OEX Price at posting: 8.1¢ Sentiment: Hold Disclosure: Held
5 Upvote

0 Great analysis

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