(Alliance News) - Oilex Ltd said Friday Chair Bradley Lingo will now be additionally responsible for developing and implementing the company's strategy for the Cooper-Eromanga basins, onshore Australia.
Shares in the oil & gas explorer were 11% lower at 0.12 pence on Friday in London.
The agreement with Lingo has an initial term of six months, during which he will receive a monthly consultancy fee of AUD16,000. Even if the arrangement is terminated, Lingo will remain as chair of Oilex.
Lingo has been chair at Oilex for three years since 2016. His most recent executive role was as chief executive officer of oil & gas producer Elk Petroleum Inc, for four years from 2015 to 2019.
In mid-August, 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 within the Cooper-Eromanga basins for a total of AUD157,499, or GBP87,443, in cash and shares.
Oilex also separately in August agreed to buy Holloman Energy Corp's 48% interest in the Cooper-Eromanga licences for AUD145,000.