(Alliance News) - Oilex Ltd said Monday it has extended the deadline for the satisfaction of conditions related to the sale of interests in the Cooper-Eromanga basin to Friday from Sunday last week.
On Wednesday last week, the oil & gas firm agreed to sell its Cooper Eromanga Basin assets in Australia to Sydney-listed Armour Energy Ltd.
As per the terms, Armour will acquire CoEra Ltd, an Oilex subsidiary, which owns all of the company's assets in the basin.
These assets include a 79% interest the PEL 112 and PEL 444 exploration licences and the option to acquire the further 21% stake. It also includes the right to acquire 27 petroleum retention licences from Senex Ltd.
If the deal goes ahead, it will mean Oilex is solely focused on its assets in India and the UK Continental Shelf. Armour will issue up to 34.5 million shares to Oilex to fund the transaction.
"The parties agreed to an ambitious timetable to ensure an accelerated completion. The process to achieve completion is now well advanced with further information to be provided as it becomes available," said Managing Director Joe Salomon.
Shares in Oilex were up 5.3% at 0.10 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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