Oilex Ltd Update on proposal to acq interest in Cambay PSC (0837P)

TIDMOEX

RNS Number : 0837P

Oilex Ltd

15 February 2021

ASX-RNS Announcement

15 February 2021

ASX: OEX

AIM: OEX

Update regarding Oilex's proposal to acquire Gujarat State Petroleum's Interest in Cambay PSC

On 9(th) September 2019, Oilex Ltd (Oilex or the Company) announced it had reached an agreement with Gujarat State Petroleum Corporation (GSPC) pursuant to which GSPC would enter into a sale process for GSPC's 55% Participating Interest in the Cambay Production Sharing Contract (Cambay) (the GSPC Sale) which, upon completion, would resolve the ongoing Cambay PSC dispute (Agreement).

Pursuant to the Agreement, all the pending legal proceedings were withdrawn providing a pathway for the proposed sale of GSPC's 55% interest in Cambay. While the execution of the Agreement has been delayed by the impact of COVID-19 pandemic, Oilex and GSPC have continued to work together to bring this matter to completion.

In this regard, the Company advises that Oilex and GSPC are in advanced discussions where it is proposed for Oilex to acquire GSPC's 55% participating interest in Cambay. Oilex also advises that it is in advanced discussions with third parties to provide finance, including working capital, to Oilex should this occur.

The Company advises that the discussions have not reached completion and there can be no certainty that any agreement will be reached. Further announcements will be made as new information comes to hand.

For and on behalf of Oilex Ltd

Joe Salomon

Managing Director

For further information, please contact:

 
 Investor Enquires            AIM Broker                    AIM Nominated                  Media Enquires 
  Oilex Ltd                   Novum Securities              Adviser                        (UK) 
  Joe Salomon                 B roker                       Strand Hanson                  Vigo Communications 
  Managing Director           Colin Rowbury                 Limited                        Public Relations 
  Email: [e-mail]   Email:                        Nominated Adviser              Patrick d'Ancona/Chris 
  Tel: [phone]             [e-mail]   Rory Murphy/Ritchie            McMahon 
  3200                        m                             Balmer                         Email: 
  Australia                   Tel: [phone]              Email:                         patrick.dancona@vigocomms.c 
                              9427                          [e-mail]       om 
                              UK                            Tel: [phone]               [e-mail] 
                                                            3494                           Tel:+ 44 20 7390 
                                                            UK                             0230 UK 
 

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February 15, 2021 02:59 ET (07:59 GMT)