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31 Dec 2018 07:00
ASX - AIM Announcement
31 December 2018
ASX: OEX
AIM: OEX
Cambay Cash Call Receipt
Oilex Ltd (Oilex or the Company) is pleased to announce that the Cambay JV has received INR20.5 million, approximately US$0.29 million in cash call proceeds. The payment from Gujarat State Petroleum Corporation incorporates all Cambay cash call notices subsequent to the Event of Default notice (EoD) announced on 29 May 2018.
Cash calls of approximately US$2.88 million pursuant to the EoD and net of US$0.17 million in subsequent cash call receipts in July 2018, remain outstanding. The EoD is subject to arbitration proceedings as announced on 19 November 2019. Further to the announcements on 29 November 2018 and 18 December 2018, discussions between Oilex and GSPC in regard to a potential commercial settlement remain ongoing.
For and on behalf of Oilex Ltd
Mark Bolton
Chief Financial Officer
For further information, please contact:
Investor Enquiries Oilex Ltd Joe Salomon Managing Director Email: oilex@oilex.com.au Tel: +61 8 9485 3200 Australia | AIM Broker Cornhill Capital Limited Broker Daniel Gee Email: danielg@cornhillcapital.com
Tel: +44 20 3700 2500 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 |
OEX.L (OEX)
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