3 Apr 2020 07:00
AIM Announcement
3 April 2020
ASX: OEX
AIM: OEX
Chairman Consulting Contract Extension
The Board of Oilex Ltd (the Company) is pleased to announce that an extension to the expanded operational role for Mr Bradley Lingo, the Chairman of Oilex Ltd, has been agreed. The extension, for a further one month to 30 April 2020, is in support of the ongoing discussions with Doriemus Plc.
The expanded role, which was announced on 6 September 2019, for an initial term of 6 months, has focussed on the development and implementation of the Company's Cooper-Eromanga Basin strategy. The extension reflects the continued ongoing support from Mr Lingo following the Company's announcement dated 29 January 2020 regarding the proposed transaction with Doriemus Plc. All other terms of the contract governing his expanded operational role remain the same as announced on 6 September 2019.
Related Party Transaction
Mr Lingo is a Director of the Company and accordingly the extension of his contract is classified as a related party transaction pursuant to the AIM Rules for Companies. The Directors of the Company, other than Mr Lingo, having consulted with Strand Hanson Limited, the Company's Nominated Adviser, consider that the terms of the extension of his contract are fair and reasonable insofar as the Company's shareholders are concerned.
For and on behalf of Oilex Ltd
Joe Salomon
Managing Director
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 |