LONDON (Alliance News) - Oilex Ltd on Friday said it has filed its defence in the Federal Court proceedings initiated by Zeta Resources Ltd.
Oilex said it has also filed a cross-claim against Zeta "seeking orders of specific performance requiring Zeta to perform its obligations and complete the relevant share subscription and convertible note agreements (or otherwise pay damages to Oilex)".
"Oilex will proceed to strongly defend the action and prosecute its cross-claim against Zeta if no resolution is reached in the discussions which will now occur between the parties," the company added.
Oilex has previously said it was still exploring options for a "commercial resolution" to resolve the dispute.
Back in July, Oilex launched a capital funding programme worth AUD30.0 million, which included a AUD9.4 million deferred settlement from Zeta Resources. That capital funding programme was conducted to allow Oilex to carry out a work programme in India, complete minimum work commitments in Western Australia, and for working capital purposes.
However, in November, Oilex said that Zeta had failed to settle the subscription for the deferred settlement portion of its placement and convertible note and that Zeta had launched legal action against Oilex.
Currently, Zeta holds a 10.3% stake in Oilex, which would have risen to 19.6%.
Shares in Oilex were down 4.0% at 0.553 pence on Friday in London.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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