Oilex Ltd Partial Receipt of Outstanding Cash Calls (4068I)

TIDMOEX

RNS Number : 4068I

Oilex Ltd

19 June 2017

ASX Announcement

19 June 2017

ASX: OEX

AIM: OEX

Partial Receipt of Outstanding Cash Calls

Oilex Ltd (the Company) is pleased to announce material progress in the resolution of the outstanding cash calls owing to the Cambay and Bhandut PSCs.

During the current quarter to date, the Joint Ventures have received the equivalent of US$1.41m million gross in regards to outstanding cash calls from its joint venture partner.

After the above-mentioned receipts, the remaining aggregate outstanding cash call balance for the Cambay and Bhandut PSCs is the equivalent of US$5.68m. The Company continues to maintain a constructive dialogue with its joint venture partner to resolve the remaining outstanding cash call balances.

Managing Director of Oilex, Jonathan Salomon, said;

"We continue to work closely with our partner and are pleased with the progress in resolving outstanding cash calls. We look forward to further cooperation with our Indian partner and the Government of India in pursing the development of the Cambay project."

For and on behalf of Oilex Ltd

Jonathan Salomon

Managing Director

For further information, please contact:

 
 Investor              AIM Broker                AIM Nominated           Media Enquires          Media Enquiries 
  Enquiries            Cornhill                  Adviser                 (UK)                    (Aus) 
  Oilex                Capital                   Strand Hanson           Vigo Communications     Citadel-MAGNUS 
  Ltd                  Limited                   Limited                 Public Relations        Michael 
  Joe Salomon          Broker                    Nominated               Patrick                 Weir 
  Managing             Colin Rowbury             Adviser                 d'Ancona/Chris          Email: 
  Director             Email:                    Rory Murphy/Ritchie     McMahon                 mweir@citadelmagnus.c 
  Email:               colinr@cornhillcapital.   Balmer                  Email:                  om 
  [e-mail]   com                       Email:                  patrick.dancona@vigoc   Tel: +618 
  Tel: +61             Tel: +44                  [e-mail]   omms.com                6160 4900 
  8 9485               20 3700                   .uk                     chris.mcmahon@vigocom   Australia 
  3200                 2516                      Tel: +44                ms.com 
  Australia            UK                        20 7409                 Tel: +44 20 
                                                 3494                    7830 9700 
                                                 UK 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCFLMTTMBABMIR

(END) Dow Jones Newswires

June 19, 2017 02:00 ET (06:00 GMT)