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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Synergia Energy Ltd | LSE:SYN | London | Ordinary Share | AU0000233538 | 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% | 0.1225 | 0.12 | 0.125 | 0.1225 | 0.1225 | 0.1225 | 39,183,720 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 1.3M | -5.38M | -0.0006 | -2.00 | 10.1M |
TIDMOEX
RNS Number : 5103H
Oilex Ltd
15 November 2018
AIM Announcement
15 November 2018
ASX: OEX
AIM: OEX
Update on High Court Decision on Cambay Stay Order
Oilex Ltd (Oilex or the Company) advises that the registry of the High Court of Gujarat, India (the Court) has now closed for today. Pursuant to the order issued by the Court as announced by the Company on 5 November 2018, Gujarat State Petroleum Corporation (GSPC) was required to submit 30 crore rupees with the Court by today.
Although the Company was not able to formally confirm GSPC's compliance, it believes that GSPC may have submitted the required funds in compliance of the order with the Court. The Company will update the market upon clarification with the registry of the Court.
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
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(END) Dow Jones Newswires
November 15, 2018 08:08 ET (13:08 GMT)
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