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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 : 7444H
Oilex Ltd
19 November 2018
ASX Announcement
19 November 2018
ASX: OEX
AIM: OEX
Update on Cambay Dispute
Oilex Ltd (Oilex or the Company) advises that it has received notice from the Singapore International Arbitration Centre (SAIC) that Gujarat State Petroleum Corporation (GSPC) has invoked the dispute resolution provisions of the Cambay Joint Operating Agreement (JOA). Pursuant to the order issued by the High Court of Gujarat, India (the Court), as announced by the Company on 5 November 2018, GSPC was required to commence arbitration proceedings on or before 1 December 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.
Following receipt of today's SAIC notice, the abovementioned conditions have now been met. 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. GSPC is also be required to pay its current and ongoing 55% share of the Cambay Joint Venture expenditure while seeking that the EoD Notice is rescinded through the arbitration proceedings.
The Company's legal advisors are currently considering the SAIC notice and the Company will advise of any further actions that it may choose to take, if any.
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. Notwithstanding today's announcement, the Company remains committed to develop Cambay work. Accordingly, we will fully enforce our rights as necessary to facilitate the successful development of the project."
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
MSCFFUSAUFASEEF
(END) Dow Jones Newswires
November 19, 2018 03:33 ET (08:33 GMT)
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