LONDON (Alliance News) - Oilex Ltd on Tuesday said talks are ongoing in its dispute with Zeta Resources Ltd, with no resolution found so far.
Back in July, Oilex launched a capital funding programme worth AUD30.0 million, which included a AUD9.4 million deferred settlement from Zeta Resources. That capital funding programme was conducted to allow Oilex to carry out a work programme in India and to complete minimum work commitments in Western Australia, as well as for working capital purposes.
However, in November, Oilex said Zeta had failed to settle the subscription for the deferred settlement portion of its placement and convertible note and that Zeta had launched legal action against Oilex. Currently, Zeta holds a 10.3% stake in Oilex, which would have risen to 19.6%.
Oilex said Tuesday no resolution to the dispute has been agreed so far and said Zeta now has until March 29 to file a response to Oilex's cross-claim.
Oilex shares were up 6.0% to 0.53 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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