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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Oilex Ld | LSE:OEX | London | Ordinary Share | AU000000OEX8 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.165 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOEX
RNS Number : 5213A
Oilex Ltd
08 June 2016
ASX Announcement
8 June 2016
ASX: OEX
AIM: OEX
Zeta Legal Proceedings Settlement
As previously announced, Oilex Ltd (Oilex or the Company) has been engaged in discussions with Zeta Resources Limited (Zeta) to explore options for a commercial resolution of the legal proceedings between the parties.
Oilex is pleased to announce that it has now reached agreement with Zeta that ends the legal proceedings between the parties. The terms of the settlement are that each party will no longer pursue its claim against the other, with the legal proceedings to be dismissed on a no admission of liability basis. Oilex has also agreed to make a payment to Zeta on account of costs of the litigation of $490,000.
In reaching this settlement with Zeta, Oilex has taken into account the significant costs and inherent uncertainty of litigation, and the substantial time commitments and distraction that the litigation presents for the board and management.
Managing Director of Oilex, Joe Salomon, said;
"Reaching this settlement means Oilex can focus fully on advancing its operations, which is in the best interests of all shareholders. Oilex looks forward to progressing the Cambay Joint Venture and the other assets in the Oilex portfolio and will keep shareholders informed as matters progress."
For and on behalf of Oilex Ltd
Joe Salomon
Managing Director
For further information, please contact:
Investor Nominated Media Enquires Media Enquiries Enquiries Adviser (UK) (Aus) Oilex Ltd Strand Hanson Vigo Communications Citadel-MAGNUS Joe Salomon Limited Public Relations Public Relations Managing Nominated Patrick d'Ancona/Chris Michael Weir Director Adviser McMahon Email: Email: oilex@oilex.com.au Rory Murphy/Ritchie Email: mweir@citadelmagnus.com Tel: +61 Balmer patrick.dancona@vigocomms.c Tel: +618 8 9485 3200 Email: om 6160 6900 Australia oilex@strandhanson.co.uk chris.mcmahon@vigocomms.com Australia Tel: +44 20 Tel: +44 20 7409 3494 7830 9700 UK UK =========================== ============================ ============================ =============================
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
June 08, 2016 02:00 ET (06:00 GMT)
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