Oilex Ltd High Court Adjournment - Resumption of Trading

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Oilex Nl	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
	-0.105p	-20.59%	0.405p	0.39p	0.42p	0.55p	0.38p	0.55p	296,946,358	16:26:36

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Oil & Gas Producers	0.1	-2.4	-0.1	-	8.75

Oilex (LSE:OEX)
Historical Stock Chart

1 Month : From Oct 2018 to Nov 2018

TIDMOEX

RNS Number : 9312E

Oilex Ltd

23 October 2018

ASX Announcement

23 October 2018

ASX: OEX

AIM: OEX

High Court of Gujarat Update

Resumption of Trading on AIM

Further to the recent announcements in relation to Oilex Ltd (Company) appearing in the High Court of Gujarat (Court), India, the Company announces that the Court has completed hearing the matter whereupon the Judge has reserved his decision. Pursuant to the procedures of the Court, a decision is anticipated within a maximum of seven business days, being 2 November 2018. The Company will provide a further update once a decision of the Court is made available.

The Order, which was originally put in place on 9 August 2018 was obtained on an ex parte basis and accordingly, the Company was not afforded an opportunity to assert its position. The Company notes that, notwithstanding the Order, GSPC remains in ongoing material breach of the JOA with the Event of Default (EoD) remaining in place and Oilex fully intends to enforce its legal and contractual rights irrespective of the outcome of these legal proceedings. In any event, we note that the Order automatically expires after 5 November 2018.

By way of background, on 29 May 2018, the Company issued the EoD Notice to GSPC in accordance with the Joint Operating Agreement (JOA) for the amount of equivalent US$3,054,832. The EoD Notice was issued as a result of GSPC's ongoing failure to pay its Participating Interest share of Cambay PSC expenses. GSPC failed to remedy its default within 60 days and, in accordance with the JOA, Oilex 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 PSC to the Company. This was announced by Oilex on 30 July 2018.

Managing Director, Joe Salomon, said: "We are confident that the Company has followed the correct legal process and acted in good faith with both our joint venture partners and the Government of India. We are disappointed that that the Company's plans to develop Cambay have been unnecessarily delayed, however, we will fully enforce our rights as necessary to facilitate the successful development of the Cambay Project."

As a result of this announcement, trading in Oilex's shares on AIM will resume immediately.

For and on behalf of Oilex Ltd

Joe Salomon

Managing Director

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 
 oilex@oilex.com.au      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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October 23, 2018 09:30 ET (13:30 GMT)

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