(Alliance News) - Oilex Ltd said Wednesday it has agreed to acquire the remaining stake in two exploration licences within the Cooper-Eromanga basins, onshore Australia.
Shares in the oil & gas explorer were 27% lower at 0.18 pence on Wednesday in London.
Oilex signed an agreement with oil & gas-focused investor Perseville Investing Inc and oil & gas firm Terra Nova Energy Australia Pty Ltd to acquire an interest of up to 52% in the PEL 112 and PEL 444 licences.
Oilex will first acquire a 31% stake in the licences for AUD92,499, around GBP52,000, in cash and shares. It will issue 9.2 million shares at a price of 0.3 cents per share, and pay AUD65,000 in cash. The first transaction is expected to be completed at the end of September.
In addition, the company has been granted an option to buy the remaining 21% interest, by issuing 20.7 million shares at 0.3 cents each, for a total of AUD62,000. The option will last for 15 months.
On Wednesday last week, Oilex signed an agreement with Australian oil firm Holloman Energy Corp to acquire Holloman's 48% interest in the PEL 112 and PEL 444 licences for AUD145,500 in cash and shares.
"We are pleased to increase our exposure to the world class Cooper-Eromanga Basins. Our recent review of the Cooper Eromanga basins has led us to focus on two specific play types. This acquisition provides good exposure to the very successful Jurassic hosted oil fairway," said Managing Director Joe Salomon.
"The company remains committed to unlocking the potential of its Cambay project in India and delivering value to its shareholders. The Cooper-Eromanga Basins provides an opportunity for shareholder value accretion while preserving substantial exposure to the significant potential at Cambay," Salomon added.
