Roundtable Discussion; The Future of Mineral Sands. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksOEX.L Share News (OEX)

  • There is currently no data for OEX

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Timor-Leste To Take Oilex To International Chamber Of Commerce

Wed, 17th Oct 2018 11:01

LONDON (Alliance News) - Oilex Ltd said Wednesday a payment dispute over the ending of a production sharing contract is to go to the International Chamber of Commerce in Singapore.

In 2006, Oilex entered a joint venture into the contract with the Timor Sea Designated Authority in the country of Timor-Leste, or East Timor.

In 2013, the joint venture partners submitted to the country's Autoridade Nacional do Petroleos e Minerais to end the contract, without penalty, "in accordance with the production sharing contract terms".

However, Timor-Leste in 2015 agreed to end it but with a demand for USD17.0 million of payment related to exploration activity not undertaken in 2013.

Oilex said the joint venture believes the government has not fairly assessed how much work has been carried out, and feels no payment is applicable.

Oilex said no timeframe for the ICC hearing has been set, but it does not expect a decision until 2020.

Managing Director Joe Salomon said: "It is disappointing the ANPM has elected to pursue arbitration at this point. The joint venture had previously and will continue to negotiate in good faith, with previous offers to settle the matter being generous."

Oilex shares were 3.1% lower on Wednesday at a price of 0.19 pence each.

More News
4 Apr 2022 12:34

UPDATE: Oilex shares bounce back after GPCB revokes production halt

(Alliance News) - Oilex Ltd shares bounced back on Monday after the company said that the Gujarat Pollution Control Board has authorised the use of the early gas facility and revoked the production halt at the Cambay field.

Read more
4 Apr 2022 12:04

Oilex working to resolve local authority dispute at Cambay

(Sharecast News) - Oilex updated the market on its operations in India on Monday, after local authorities put the kibosh on the restart of operations at the Cambay field.

Read more
4 Apr 2022 11:06

Oilex falls as pollution control board query prevents Cambay restart

(Alliance News) - Oilex Ltd shares fell on Monday after the firm said that a licensing issue is preventing the restart of production at its Cambay field in India.

Read more
16 Mar 2022 14:30

IN BRIEF: Oilex says two wells ready to restart at Cambay field

Oilex Ltd - Perth-based developer of natural gas assets - Expects to complete acquisition transaction of Cambay Field PSC at the end of March, and expects approval from the Gujurat Pollution Control Board to come imminently, which will greenlight the recommencement of production at the site. Two wells, C-73 and C-77H, are ready to re-commence as soon as approval is received, having passed the necessary safety checks.

Read more
11 Mar 2022 12:32

Oilex shares fall as it posts swing to interim loss on increased costs

(Alliance News) - Shares in Oilex Ltd fell on Friday after the company swung to an interim loss on increased exploration and administrative expenses.

Read more
4 Mar 2022 20:53

TRADING UPDATES: IOG to cut Gazprom ties; wholesale changes at Donegal

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and Tuesday and not separately reported by Alliance News:

Read more
10 Feb 2022 16:07

UK shareholder meetings calendar - next 7 days

UK shareholder meetings calendar - next 7 days

Read more
7 Feb 2022 18:29

TRADING UPDATES: Alphawave teams with Intel; Cadence's Amapa progress

TRADING UPDATES: Alphawave teams with Intel; Cadence's Amapa progress

Read more
7 Feb 2022 10:52

IN BRIEF: Oilex gains 100% interest in Cambay Field in India

IN BRIEF: Oilex gains 100% interest in Cambay Field in India

Read more
15 Dec 2021 10:49

AIM WINNERS & LOSERS: Oilex in Cambay resumption; Midwich profit up

AIM WINNERS & LOSERS: Oilex in Cambay resumption; Midwich profit up

Read more
30 Nov 2021 12:18

Oilex flags liquidity-related delays to shareholder parcel facility

(Sharecast News) - Oilex updated the market on its unmarketable parcel facility on Tuesday, which it had set up for shareholders on 7 September.

Read more
19 Nov 2021 16:06

UK shareholder meetings calendar - next 7 days

UK shareholder meetings calendar - next 7 days

Read more
29 Oct 2021 19:11

TRADING UPDATES: Norish in wholesale changes; Oilex wins deal

TRADING UPDATES: Norish in wholesale changes; Oilex wins deal

Read more
29 Oct 2021 11:27

AIM WINNERS & LOSERS: SysGroup sinks after profit warning

AIM WINNERS & LOSERS: SysGroup sinks after profit warning

Read more
22 Sep 2021 21:43

IN BRIEF: Oilex loss narrows but eyes raising for Cambay progress

IN BRIEF: Oilex loss narrows but eyes raising for Cambay progress

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.