Member Info for Conger2

ASX-AIM Announcement
1 June 2020
ASX: OEX
AIM: OEX
Extension to Armour Agreement
Oilex Ltd (“Oilex” or “the Company”) is pleased to announce that the Company and Armour Energy Limited (Armour)
have agreed that the date for the satisfaction of the conditions precedent for the proposed sale of all of its interests
in the Cooper-Eromanga Basin has been extended from 31 May 2020 to 5 June 2020.
Background
On 28 May 2020, the Company announced a conditional binding Heads of Agreement (HOA) with Armour, an ASXlisted company (ASX:AJQ), for the proposed sale of all of its interests in the Cooper-Eromanga Basin to Armour
(Proposed Transaction).
The Proposed Transaction is subject to the satisfaction of various conditions precedent, including completion of
due diligence by Armour and execution of definitive transaction documentation between Armour and Oilex in respect
of the Proposed Transaction. The HOA sets out that these conditions precedent need to be satisfied by 31 May
2020, herein amended to 5 June 2020.
Whilst both the Board of Directors of Oilex and Armour are confident that the conditions precedent will be satisfied,
there can be no guarantee that they will be, and therefore no guarantee that the Proposed Transaction will complete.
Managing Director, Joe Salomon, commented, “The parties agreed to an ambitious timetable to ensure an
accellerated completion. The process to achieve completion is now well advanced with further information to be
provided as it becomes available.”
For and on behalf of Oilex Ltd

ASX Announcement
Armour Energy Limited
1 June 2020
Extension to Agreement with Oilex Ltd
Acquisition of Cooper Eromanga Basin Assets
Further to the previous announcement of 28 May 2020, the Board of Armour Energy (“Armour” or the
“Company”) wishes to advise that agreement has been reached with Oilex Ltd (“Oilex”) to defer the
date for the satisfaction of conditions precedent under the binding Term Sheet entered into between
the parties, from 31 May to 5 June 2020.
The conditions precedent include the completion of due diligence, and the execution of a detailed
share sale agreement for the acquisition of all the issued capital in CoEra Ltd, currently a wholly owned
subsidiary of Oilex, and owner of all of Oilex’s interests in the Cooper Eromanga Basin. Full details of
the proposed acquisition are as outlined in the Company’s previous market release of 28 May 2020.
Should the acquisition proceed, Armour will appoint former Drillsearch executive Mr Brad Lingo to the
position of CEO of the Company.
Armour will advise the market of all further developments in relation to this matter.

Going fishing now as i want trout for dinner. :)

I just felt it needs saying as i feel the end game is getting close. :)

Spot on Tintin.

You should talk to him yourself if you have concerns.

They are very limited what they can say in a RNS.

It only costs you money if you sell.

We all did our research and none of us expected GSPC to be such crooks.

Gazza, they had a date 90 days best endeavours, which is a an enforceable legal term. The legal costs of enforcement would out weight the costs of waiting and could take longer as the judge would just freeze everything.

45% holding means nothing when someone else has 55%.

If they did not raise capital and dilute they would have gone into administration as no cash...

I know you are frustrated, but we just have to wait....

How do you think anyone else could do better ??

What part do you not understand this is not in the BOD control?

Arb takes years and costs a fortune, they had not even appointed the chairman for it after many months... No timetable nothing etc....

No one could have foreseen COv-19.... This would have been settled but for it by now.

Gaza if they were able too give you any news they would grow up.

Very interesting Silversoldier .... Who ever they are they have confidence this will sorted.

When do you think there will need about the deal completion Gordon?

from a an asset value a UKP 12m capital value is not unreasonable and something i was told a while back.

Expect t around .4p for as the expected asset value per share value once the deal is relieved.

I put up useful reassuring information for a call from Joe and few days later I am having my integrity questioned.

Please feel free to call him yourself in future.

similar with me.

I would guess it is not coming this week tbh.

I think the buyer was based in Singapore also, so you might be spot on Callum28 good work.

Gordon, Joe Rang because I asked him too.

I think there is nothing new here, just a reiteration of what has been said before.