Oilex Ltd AIM Temporary Suspension (2286B)

TIDMOEX

RNS Number : 2286B

Oilex Ltd

19 September 2018

ASX Announcement

19 September 2018

ASX: OEX

AIM: OEX

AIM Temporary Suspension

Oilex Ltd (the Company or Oilex) advises that it is appearing in the High Court of Gujarat (Court), India, with regard to the ex-parte interim stay order (Order) obtained by Gujarat State Petroleum Corporation (GSPC), as announced by the Company on 4 September 2018.

As the proceedings in the Court are public, the Company has requested and been granted the temporary suspension of trading of Oilex's shares on AIM, pending an announcement to provide an update on the proceedings.

The Company will issue an announcement upon receipt of further information from the Court.

Background

On 30 July 2018, Oilex announced that it had formally requested the Directorate General of Hydrocarbons and the Ministry of Petroleum and Natural Gas, India, to transfer GSPC's participating interest in the Cambay Production Sharing Contract to the Company (Cambay PSC). The request was made strictly in accordance with the Joint Operating Agreement and follows GSPC's failure to remedy an Event of Default Notice (EoD Notice) within the required 60-day period. The EoD Notice was a result of GSPC's ongoing failure to pay its participating interest share of Cambay PSC expenses.

As announced on 13 August 2018, GSPC served the Order from the High Court of Gujarat directing the Company not to take any coercive steps against GSPC until 4 September 2018. As disclosed in the announcement of 13 August 2018, the GSPC Order was awarded on an interim basis to delay the Company transferring GSPC's participating interest in the Cambay PSC to the Company.

On 4 September 2018, the Company announced that following submissions to the Court, the matter had been adjourned until 19th September 2018 at the request of Gujarat State Petroleum Corporation to consider the reply filed by Oilex.

For and on behalf of Oilex Ltd

Mark Bolton

Chief Financial Officer and Company Secretary

For further information, please contact:

 
 Investor                AIM Broker                 AIM Nominated          Media Enquires         Media Enquiries 
 Enquiries               Cornhill Capital           Adviser                (UK)                   (Aus) 
 Oilex Ltd               Limited                    Strand Hanson          Vigo Communications    Citadel-MAGNUS 
 Joe Salomon             Broker                     Limited                Public Relations       Michael Weir 
 Managing                Daniel Gee                 Nominated Adviser      Patrick                Email: 
 Director                Email:                     Rory Murphy/Ritchie    d'Ancona/Chris         mweir@citadelmagnus. 
 Email:                  danielg@cornhillcapital.   Balmer                 McMahon                com 
 [e-mail]      com                        Email:                 Email:                 Tel: +618 
 Tel: +61                                           oilex@strandhanson.c   patrick.dancona@vigo   6160 4900 
 8 9485 3200             Tel: +44 20                o.uk                   comms.com              Australia 
 Australia               3700 2500                  Tel: +44 20            chris.mcmahon@vigoco 
                         UK                         7409 3494              mms.com 
                                                    UK                     Tel:+ 44 20 7390 
                                                                           0230 
                                                                           UK 
 

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September 19, 2018 02:45 ET (06:45 GMT)