Oilex Ltd - Australian oil & gas exploration and production company - Reports pretax profit of USD418,881 for half-year to December 31, swinging from loss of USD2.0 million.
No revenue reported for either period, but administrative expenses shrink to USD424,297 from USD1.1 million, and reports 'other' income of USD446,668 versus nothing a year ago. The 'other' income includes the profit from the sale of the CoEra Group of USD344,168 and government assistance arrangements of USD102,500.
Separately, says it has entered into an amendment agreement to vary the repayment obligations for its Series D loan funding facility, with repayment date extended to June 30 from March 31. Further, Oilex has secured an additional equity investment of GBP350,000 to increase its working capital flexibility and reduce its financial debt obligations.
"The company continues to advance discussions with GSPC to acquire GSPC's 55% participating interest in the Cambay PSC, albeit with some delays due to Covid-19 related impediments. Additionally, Oilex has continued to advance negotiations with third parties to provide finance, including working capital, to Oilex for this acquisition. The company is working to reach complete these negotiations as soon as possible," says Joe Salomon, managing director of Oilex.
Current stock price: 0.159 pence
Year-to-date change: more than double from 0.075p at end of 2020
By Lucy Heming;Â lucyheming@alliancenews.com
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