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26 Nov 2019 08:53
ASX-RNS Announcement
26 November 2019
ASX: OEX
AIM: OEX
Cambay PSC Update
Oilex Ltd (Oilex or the Company) is pleased to announce that the Singapore International Arbitration Commission (SIAC) has refunded S$179,731 (£102,500) in arbitration fees paid by Oilex. Furthermore, the Company also confirms the receipt of INR10,782,244 (£117,000) in cash call payments from Gujarat State Petroleum Corporation (GSPC).
On 24 September 2019, the Company announced that the arbitration tribunal of the SIAC had issued an order terminating proceedings instituted by GSPC. Accordingly, the SIAC has now substantially refunded the arbitration fees previously submitted by Oilex.
The cash call payments received by Oilex from GSPC relate to the Cambay PSC and Bhandut PSC work programme and budgets after the issue of the Event of Default in May 2018.
For and on behalf of Oilex Ltd
Mark Bolton
Chief Financial Officer and Company Secretary
For further information, please contact:
Investor Enquires Oilex Ltd Joe Salomon Managing Director Email: oilex@oilex.com.au Tel: +61 8 9485 3200 Australia | AIM Broker Novum Securities Broker Colin Rowbury Email: crowbury@novumsecurities.com Tel: +44 20 7399 9427 UK | AIM Nominated Adviser Strand Hanson Limited Nominated Adviser Rory Murphy/Ritchie Balmer Email: oilex@strandhanson.co.uk Tel: +44 20 7409 3494 UK | Media Enquires (UK) Vigo Communications Public Relations Patrick d'Ancona/Chris McMahon Email: patrick.dancona@vigocomms.com chris.mcmahon@vigocomms.com Tel:+ 44 20 7390 0230 UK | Media Enquiries (Aus) Citadel-MAGNUS Michael Weir Email: mweir@citadelmagnus.com Tel: +618 6160 4900 Australia |
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