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
  0.005 2.86% 0.18 0.17 0.19 0.18 0.175 0.175 13,054,370 11:59:39
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.1 -2.4 -0.1 - 5

Oilex Ltd Extension of Exclusivity Agreement

01/10/2019 7:00am

UK Regulatory (RNS & others)


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RNS Number : 2809O

Oilex Ltd

01 October 2019

ASX-RNS Announcement

1 October 2019

ASX: OEX

AIM: OEX

Extension of Exclusivity Agreement

The Board of Oilex Limited (the "Company") is pleased to announce that it has entered into an amendment agreement (Amendment) in regard to the exclusivity agreement with Koru Energy (KLW) Ltd ("Koru") as announced on 15 September 2019.

Pursuant to the Amendment, the exclusivity agreement with Koru has been extended from 30 September 2019 to 31 October 2019. The extension has been sought while the Company seeks confirmation from ASX that Listing Rules 11.1.2 and 11.1.3 will not apply to the proposed transaction.

Background

On 15 September 2019, a subsidiary of Koru Energy Limited, for a potential acquisition of up to a 50% relevant interest in the Knox and Lowry, and Whitbeck gas discoveries (the "KLW Gas Discoveries") in the East Irish Sea (EIS), offshore the United Kingdom ("Exclusivity Agreement").

The KLW Gas Discoveries are a series of shallow water gas accumulations that were discovered between 1992 and 2009 by the then operators and successfully drill-stem tested confirming discovered volumes that the Company and Koru would seek to bring into production, should the acquisition complete. The KLW Gas Discoveries are ideally located very close to a subsea tie-back pipeline which delivers gas to the nearby and recently refurbished North Morecambe Gas Production Platform and Terminal.

The EIS is a prolific basin which has produced more than 6TCF of gas to date with considerable existing gas production, gathering,

processing and transportation infrastructure. The KLW Gas Discoveries are located in known conventional shallow reservoirs in shallow water near existing EIS gathering and production infrastructure reducing the complexity, risk and cost of development.

Project Overview

The Knox and Lowry gas discovery projects are well advanced having successfully flowed gas when drill stem tested with reported raw gas flows of 12.3MMCFD and 22MMCFD, respectively. These well tests have demonstrated good quality reservoirs similar to nearby analogous fields that have been successfully developed and have delivered attractive production rates and gas recoveries.

The main reservoir interval in the EIS and in each of the KLW Gas Discoveries is the prolific Lower Triassic Ormskirk Sandstone Formation.

 
             Reservoir    Porosity    Reservoir     Gas Column    Trap Style   Raw GasTest    Gas Quality 
                              %         Depth         Height                    Rate MMCFD         % 
                                      ft     m       ft      m                               N(2)    CO(2) 
                                    -----  -----  -------  ----                             ------  ------ 
                                                                  Segmented 
                                                                     fault 
 Knox         Omskirk        18      1347   411     200     61       block        12.3        18      0.4 
            -----------  ---------  -----  -----  -------  ----  -----------  ------------  ------  ------ 
                                                                    Titled 
                                                                     fault 
 Lowry        Omskirk        19      2100   640     208     63       block         22         31      0.2 
            -----------  ---------  -----  -----  -------  ----  -----------  ------------  ------  ------ 
                                                                    3-way 
                                                                    faulted 
 Whitbeck     Omskirk        12      5383   1641    120     37      closure    Not tested     14      0.1 
            -----------  ---------  -----  -----  -------  ----  -----------  ------------  ------  ------ 
 

Spirit Energy Limited ("Spirit"), a joint stock company owned by Centrica Plc and Bayern Gas Norge AS, is the owner and operator of the tie-back pipeline and North Morecambe gas processing terminal and has indicated strong support for the development of the KLW Gas Discoveries. Spirit also has certain back-in rights with respect to the KLW Gas Discoveries.

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 
 Enquires               Novum Securities            Adviser                (UK)                   (Aus) 
 Oilex Ltd              Broker                      Strand Hanson          Vigo Communications    Citadel-MAGNUS 
 Joe Salomon            Colin Rowbury               Limited                Public Relations       Michael Weir 
 Managing               Email:                      Nominated Adviser      Patrick                Email: 
 Director               crowbury@novumsecurities.   Rory Murphy/Ritchie    d'Ancona/Chris         mweir@citadelmagnus. 
 Email:                 com                         Balmer                 McMahon                com 
 oilex@oilex.com.au     Tel: +44 20                 Email:                 Email:                 Tel: +618 
 Tel: +61               7399 9427                   oilex@strandhanson.c   patrick.dancona@vigo   6160 4900 
 8 9485 3200            UK                          o.uk                   comms.com              Australia 
 Australia                                          Tel: +44 20            chris.mcmahon@vigoco 
                                                    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.

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