ASX RNS - Exclusivity Agreement16 Sep 2019 01:22
Excellent news - discovered and tested gas volumes!
‘..The Board of Oilex Limited (the “Company”) is very pleased to announce that it has entered into an exclusivity agreement with Koru Energy (KLW) Ltd (“Koru”), a subsidiary of Koru Energy Limited, for a potential acquisition of up to a 50% relevant interest in the Knox and Lowry, and Whitbeck gas discoveries (the “KLW Gas Discoveries”) in the East Irish Sea (EIS), offshore the United Kingdom (“Exclusivity Agreement”).
The KLW Gas Discoveries are a series of shallow water gas accumulations that were discovered between 1992 and 2009 by the then operators and successfully drill-stem tested confirming discovered volumes that the Company and Koru would seek to bring into production, should the acquisition complete. The KLW Gas Discoveries are ideally located very close to a subsea tie-back pipeline which delivers gas to the nearby and recently refurbished North Morecambe Gas Production Platform and Terminal..’