(Alliance News) - Oilex Ltd said Friday it got an extension to complete the acquisition of 27 petroleum retention licenses in the Cooper-Eromanga Basins in South Australia from Senex Energy Ltd.
The oil & gas explorer said the date has been extended further by one month to March 31, with no consideration payable for this.
Back in September, Oilex announced that it entered into a legally binding term sheet with Senex, which was subject to satisfaction of conditions including government approvals.
Meanwhile in January Oilex said that had agreed to sell all of its interests in the Cooper-Eromanga basin to Sydney-listed Doriemus PLC. The company said it would dispose of its 79% direct interest in the two petroleum exploration licences PEL 112 and PEL 444, with an option for Doriemus to acquire the remaining 21%.
In addition, previously AIM-listed Doriemus would gain the right to acquire 27 petroleum retention licences from Senex Ltd.
"Oilex now anticipates completion of the acquisition and the proposed transaction by the end of March 2020," the company said.
Oilex shares were trading 0.1% lower in London at 0.15 pence each on Friday afternoon.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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