ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

OEX Oilex Ld

0.165
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Oilex Ltd High Court Order Update (5962H)

16/11/2018 7:51am

UK Regulatory


Oilex Ld (LSE:OEX)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Oilex Ld Charts.

TIDMOEX

RNS Number : 5962H

Oilex Ltd

16 November 2018

ASX Announcement

16 November 2018

ASX: OEX

AIM: OEX

Compliance with High Court Order

Oilex Ltd (Oilex or the Company) advises that it has formally confirmed with the High Court of Gujarat, India (the Court) that Gujarat State Petroleum Corporation (GSPC) has submitted the required funds in compliance with its order. Pursuant to the order issued by the Court, as announced by the Company on 5 November 2018, GSPC was required to submit 30 crore rupees with the Court by 15 November 2018.

Background

By way of background, on 30 July 2018 Oilex announced that it had formally requested the Government of India (GoI) to transfer GSPC's participating interest (PI) in the Cambay PSC to the Company. The request was made strictly in accordance with the JOA and follows GSPC's failure to remedy the 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 PI share of Cambay PSC expenses.

GSPC subsequently served an ex-parte interim stay order (Order) from the Court directing the Company not to take any coercive steps against GSPC. The Order was awarded on an interim basis to delay the Company transferring GSPC's PI in the Cambay PSC.

On 5 November 2018, the Company announced that the Court had decided on all applications pending regarding the Order obtained by GSPC. In summary, the Court issued and passed judgement further delaying the implementation of the EoD Notice dated 29 May 2018 and also Notice of Withdrawal of Participating Interest (NoW) dated 29 July 2018, subject to the fulfilment of all of the following conditions:

a) GSPC is directed to deposit a sum of Rs.8.25 crores rupees (US$1.1 million approx) before the Court in the name Registrar of the High Court on or before by 15 November 2015(#) ;

b) GSPC is directed to submit a bank guarantee for Rs.21.75 crores rupees (US$3.0 million approx) in the name of Registrar of High Court of Gujarat latest by 15 November 2015(#) ; and

   c)    GSPC shall commence arbitration proceedings on or before 1 December 2018. 

Should GSPC meet the abovementioned conditions, the Court has directed that these conditions remain valid for the duration of the arbitration and that the Cambay Joint Operating Agreement (JOA) will continue to operate during this same period. Accordingly, in addition to submitting in aggregate, 30 crores rupees to the Court, GSPC will also be required to pay its current and ongoing 55% share of the Cambay Joint Venture expenditure while seeking to have the EoD Notice rescinded through the arbitration proceedings.

In the event GSPC does not adhere to all of the abovementioned conditions, the stay order will no longer prevent the Company from seeking to implement all of its rights under the JOA.

For and on behalf of Oilex Ltd

Joe Salomon

Managing Director

(#) We are advised by our Indian legal counsel that the applicable date should read 2018

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 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

MSCFKADQOBDKFDD

(END) Dow Jones Newswires

November 16, 2018 02:51 ET (07:51 GMT)

1 Year Oilex Ld Chart

1 Year Oilex Ld Chart

1 Month Oilex Ld Chart

1 Month Oilex Ld Chart

Your Recent History

Delayed Upgrade Clock