Oilex Ltd - Perth-based developer of natural gas assets in India, Indonesia and the UK - Shares are suspended from trading on AIM in London from Monday through Thursday this week, resuming trading on Friday morning. Oilex is changing its name to Synergia Energy Ltd. The suspension, first announced last week, is due to an "administrative issue" related to the need to register a new ISIN number as part of the name change.
Also provides an update on business and operations. Says effort to regain control of the West Kampar production sharing contract in Indonesia has been unsuccessful. The contract has been awarded to a "third party", Oilex says. "This marks the end of the company's activities in Indonesia."
Updates on re-frac operations at the Cambay C-77H well in India. Says the first of the two zones has been perforated and fracced. After cleaning, a bridge plug will be set in preparation for the second zone also to be perforated and fracced.
Has AUD4.8 million, about GBP2.8 million, in cash as of June 30, up from AUD4.3 million a year ago, following a GBP2.5 million raise equity during the recent quarter.
Current stock price: 0.16 pence
12-month change: down 20%
By Tom Waite; thomaslwaite@alliancenews.com
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