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Pin to quick picksOilex Regulatory News (OEX)

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Oilex Ltd - Update on Cooper Basin and Cambay

Wed, 18th Sep 2019 07:48

RNS Number : 7669M
Oilex Ltd
18 September 2019
 

ASX-RNS Announcement

 

 

18 September 2019

 

ASX: OEX

AIM: OEX

 

Update on Cooper Basin and Cambay

 

 

Oilex Ltd ("Oilex" or "the Company") is pleased to announce that it has entered into variation agreements with Holloman Energy Corporation ("HEC"), Perseville Investing Inc and Terra Nova Energy (Australia) Pty Ltd to amend the end date for settlement to 14 October 2019.

 

On 7 August 2019 and 14 August 2019, the Company announced that it had entered into agreements to acquire up to 100% interest in the PEL 112 and 444 licences in the Cooper-Eromanga Basins in South Australia.  Final completion under the agreements was to occur on or before 30 September 2019.  The Company announces today that it has agreed to vary the end date for settlement to occur to 14 October 2019.

 

The amendment is at the Company's request in order to effectively manage the various acquisitions in Australia and the U.K. currently being undertaken by the Company.

 

Cambay Settlement Clarification

 

On 9 September 2019, the Company announced that it had reached an agreement with Gujarat State Petroleum Corporation (GSPC) which, upon completion, will resolve the ongoing Cambay PSC dispute (Agreement).  Pursuant to the Agreement, the Event of Default (EoD) declared by Oilex pursuant to the Cambay Field Joint Operating Agreement (JOA) was withdrawn.  The EoD was issued by Oilex in respect to US$3 million, in aggregate, of unpaid cash calls. 

 

The Company advises that it has not waived the unpaid cash calls under the Agreement and accordingly, the Company maintains its rights under the JOA.  The Company reaffirms its support to the implementation of the Agreement where GSPC will seek to dispose of its 55% participating interest in Cambay and while continuing to engage with all parties, including potential new Cambay joint venture partners, for payment of the outstanding cash calls.

 

 

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

Media Enquiries (Aus)

Citadel-MAGNUS

Michael Weir

Email: mweir@citadelmagnus.com

Tel: +618 6160 4900

Australia

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDSFMSMAFUSELU
Date   Source Headline
2nd Dec 20197:00 amRNSExtension of Bid closing Date for Cambay
29th Nov 20197:57 amRNSIssue of Options Securities
27th Nov 20191:15 pmRNSUpdated Constitution
27th Nov 20197:00 amRNSResults of the Annual General Meeting
26th Nov 20198:53 amRNSCambay PSC Update

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