(Alliance News) - Oilex Ltd on Tuesday said it has extended the expanded role of board Chair Bradley Lingo by a further two months.
In September 2019, the oil & gas explorer said it would be expanding the operational role of Lingo, making him additionally responsible for the development and implementation of the company's strategy for the Cooper-Eromanga basins, onshore Australia. At the time, Oilex said that the agreement had an initial term of six months, during which Lingo would receive a monthly consultancy fee of AUD16,000, around GBP8,300.
The company on Tuesday extended the term by an additional two months until March 31.
In January, Oilex said it had agreed to sell all of its interests in the Cooper-Eromanga basin, onshore Australia to Sydney-listed Doriemus PLC. Oilex will dispose of its 79% direct interest in the two petroleum exploration licences PEL 112 and PEL 444, with an option for Doriemus to acquire the remaining 21%.
The sale has a deadline of June 30 for the conditions to be met. Should the sale be completed, Lingo will become managing director of Doriemus, leading to him stepping down from Oilex.
Oilex has already started a formal process to appoint a new chair.
Oilex shares were untraded on Tuesday afternoon in London at 0.17 pence each.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
