Totally_Wired
26 Nov 2019
RNS-Historic 26 November 2019 ASX: OEX AIM: OEX Cambay PSC Update Oilex Ltd (Oilex or the Company) is pleased to announce that the Singapore International Arbitration Commission (SIAC) has refunded S$179,731 (£102,500) in arbitration fees paid by Oilex. Furthermore, the Company also confirms the receipt of INR10,782,244 (£117,000) in cash call payments from Gujarat State Petroleum Corporation (GSPC). On 24 September 2019, the Company announced that the arbitration tribunal of the SIAC had issued an order terminating proceedings instituted by GSPC. Accordingly, the SIAC has now substantially refunded the arbitration fees previously submitted by Oilex. The cash call payments received by Oilex from GSPC relate to the Cambay PSC and Bhandut PSC work programme and budgets after the issue of the Event of Default in May 2018. [link]
Totally_Wired
30 Oct 2019
RNS-Historic 30 October 2019 ASX: OEX AIM: OEX Expanded Equity Capital Raising Oilex Ltd (Oilex or the Company) advises that it has expanded its recent equity capital raising by £150,000 (A$0.281 million) at a price of 0.19 pence (A$0.00356) per new ordinary share issued (the Placing). The Placing of 78,947,368 new ordinary shares is to clients Novum Securities Limited (Novum) and existing shareholders of the Company. The Placing is an expansion of the recent equity capital raising, being to the same subscribers and on the same terms as completed earlier this month and first announced on 30 September 2019. The net proceeds of the Placing will be used for general working capital purposes. Pursuant to advisory agreements with Novum, the Company will issue 2,960,526 unlisted options exercisable at 0.19 pence on or before 20 October 2021. The issue of the shares and options, under Listing Rule 7.1, is anticipated to be completed on or about 5th November 2019. AIM Admission and Total Voting Rights Completion of the Placing is conditional, inter alia, upon admission of the shares issued pursuant to the Placing to trading on AIM. The new shares will rank pari passu in all respects with the existing shares. Application will be made to the London Stock Exchange plc for the admission of the 78,947,368 new shares (Shares) to trading on AIM (Admission). Admission of the Shares is expected to become effective and dealings to commence at 8.00 a.m. on 12 November 2019. Following Admission of these shares, the Company will have 3,302,258,738 shares in issue. The Company does not currently hold any shares in treasury. Accordingly, the total number of voting rights will be 3,302,258,738.
Totally_Wired
28 Oct 2019
RNS-Historic 28 October 2019 ASX: OEX AIM: OEX 2019 Annual Report to Shareholders Oilex Ltd (the Company) advises the Annual Report for the year ended 30 June 2019 is available and will be dispatched to shareholders shortly. A copy of the Oilex Annual Report for year ended 30 June 2019 can be viewed by clicking on the link below. [link]
Totally_Wired
27 Sep 2019
RNS-Historic 27 September 2019 ASX: OEX AIM: OEX Re: Issue of Series A Loan Options Oilex Ltd (Oilex or the Company) advises that it has issued 124,060,150 options exercisable at A$0.00266 pn or before 31 December 2019 pursuant to the amendment to Series A Loan agreement as announced on 26 July 2019 and approved by shareholders on 19 September 2019 under ASX Listing Rule 7.1. [link]
Totally_Wired
27 Sep 2019
RNS-Historic 27 September 2019 (07
0) ASX: OEX AIM: OEX Acquisition of Major Cooper-Eromanga Acreage Position Oilex Ltd (“Oilex†or “the Companyâ€) is pleased to announce that it has entered into a binding term sheet with Senex Energy Limited (ASX:SXY) and certain of its related entities (together referred to as “Senexâ€) to acquire all of Senex’s interest as operator in 27 Petroleum Retention Licenses in the Northern Oil and West Gas Fairway in the world class Cooper-Eromanga Basins in South Australia (the “Northern Fairway PRLsâ€), subject to satisfaction of conditions (including government approvals) (see map in Annexure 1). The Company has been actively reviewing the basin for more than two years. The Cooper-Eromanga basin is recognised as a global super-basin and as number one for above ground development by IHS Markit. The basin has a high exploration success rate, low cost development pathways, and remains under-explored and under-developed. The introduction of proven technologies is expanding known play fairways. The Company sees this transaction as a major step forward; it provides a material position in an established play fairway. The Company’s access to advanced IP will form a major part of future activity throughout this area. The basin is well endowed with infrastructure providing for attractive low-cost discovery and development for Oilex. Equally, robust gas pricing in Eastern Australia provides a great basis for commercialisation of any discoveries. Acquisition of Northern Fairway PRLs - The Northern Fairway PRLs cover 2,445 km2 (~604,000 acres) and include permits covered by the 792 km2 Cordillo 3D seismic survey acquired by Senex in 2012. Senex is the operator of each of the Northern PRLs and has agreed to transfer 100% of its interest in the permits subject to satisfaction of conditions (including government approvals). The PRLs are part of the 15-year tenure retention agreement between the South Australian Government and Senex announced in August 2013. Historically, technical data available from the South Australian Department for Energy & Mining reflects that the Northern Fairway PRLs contain a portfolio of shallow Jurassic oil and deeper Triassic and Permian oil and wet gas leads and prospects as well an undeveloped tight gas discovery. The Company considers the Northern Fairway PRLs as highly prospective for both structural and stratigraphic conventional oil and wet gas potential with significant potential for oil prospectivity in Namur and Birkhead channel systems and stratigraphic traps which have been preliminarily identified through use of Advanced IP technologies. The Company has identified the presence of undrilled structural prospects and leads in the Northern Fairway PRLs (see map in Annexure 1). Oilex’s intention is to re-evaluate the 3D seismic data using advanced IP which is designed to fast track the identification of stratigraphic features and geobodies. Importantly the Western Flank and Northern Flank oil discoveries include many fluvial channel features and the stratigraphic section lends itself to the development of many more stratigraphically trapped hydrocarbon pools. Additional technologies available to Oilex include rapid, low cost reconnaissance tools aimed at testing the presence of hydrocarbon signatures in the atmosphere and in the soils overlying hydrocarbon accumulations. The Northern Fairway PRLs are favourably situated given the proven northward migration of oil from the Patchawarra Trough to multiple oil fields surrounded by the Northern Fairway PRLs including the Acrasia, Cuisinier, and Inland Oil Fields and particularly the presence of oil shows in multiple wells across the area. Oilex believes that the existing high-quality 3D data coupled with advanced evaluation tools will result in the identification of new targets for stratigraphic oil pools within these licenses. More via link below: [link]
Totally_Wired
24 Sep 2019
RNS-Historic 24 September 2019 ASX: OEX AIM: OEX Termination of Arbitration Proceedings Oilex Ltd (Oilex or the Company) is pleased to announce that the arbitration tribunal of the Singapore International Arbitration Centre (SIAC) has today issued an order terminating the arbitration proceedings instituted by Gujarat State Petroleum Corporation (GSPC) with regard to the Cambay PSC. On 9 September 2019, the Company announced that it had reached a settlement with GSPC to resolve the ongoing Cambay PSC dispute. Pursuant to the settlement, the Event of Default and Event of Withdrawal declared by Oilex pursuant to the Cambay Field Joint Operating Agreement has been withdrawn and GSPC undertook to formally terminate arbitration proceedings lodged with SIAC, which has now been completed. Furthermore, GSPC has also undertaken to remove the stay order granted in the High Court of Gujarat and commence a sales process for its 55% Participating Interest in Cambay PSC. The Company expects to make a further update on these matters shortly. Managing Director, Joe Salomon, said: “We are pleased to observe that all parties are implementing the recently announced settlement on a timely basis. The settlement is an important step forward to recommencing an active work programme at Cambay as part of our broader strategic approach now also encompassing the Cooper Basin and UKCS.â€
Totally_Wired
18 Sep 2019
RNS-Historic 18 September 2019 ASX: OEX AIM: OEX Update on Cooper Basin and Cambay Oilex Ltd (“Oilex†or “the Companyâ€) is pleased to announce that it has entered into variation agreements with Holloman Energy Corporation (“HECâ€), Perseville Investing Inc and Terra Nova Energy (Australia) Pty Ltd to amend the end date for settlement to 14 October 2019. On 7 August 2019 and 14 August 2019, the Company announced that it had entered into agreements to acquire up to 100% interest in the PEL 112 and 444 licences in the Cooper-Eromanga Basins in South Australia. Final completion under the agreements was to occur on or before 30 September 2019. The Company announces today that it has agreed to vary the end date for settlement to occur to 14 October 2019. The amendment is at the Company’s request in order to effectively manage the various acquisitions in Australia and the U.K. currently being undertaken by the Company. Cambay Settlement Clarification On 9 September 2019, the Company announced that it had reached an agreement with Gujarat State Petroleum Corporation (GSPC) which, upon completion, will resolve the ongoing Cambay PSC dispute (Agreement). Pursuant to the Agreement, the Event of Default (EoD) declared by Oilex pursuant to the Cambay Field Joint Operating Agreement (JOA) was withdrawn. The EoD was issued by Oilex in respect to US$3 million, in aggregate, of unpaid cash calls. The Company advises that it has not waived the unpaid cash calls under the Agreement and accordingly, the Company maintains its rights under the JOA. The Company reaffirms its support to the implementation of the Agreement where GSPC will seek to dispose of its 55% participating interest in Cambay and while continuing to engage with all parties, including potential new Cambay joint venture partners, for payment of the outstanding cash calls. [link]
Totally_Wired
16 Sep 2019
RNS-Historic 15 September 2019 ASX: OEX AIM: OEX Exclusivity Agreement - East Irish Sea Licences The Board of Oilex Limited (the “Companyâ€) is very pleased to announce that it has entered into an exclusivity agreement with Koru Energy (KLW) Ltd (“Koruâ€), 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 Discoveriesâ€) in the East Irish Sea (EIS), offshore the United Kingdom (“Exclusivity Agreementâ€). 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. Managing Director of Oilex, Joe Salomon, said; “After an extensive and detailed search for suitable assets for Oilex in the UKCS, we are delighted to make this announcement today. The Licences, which incorporate discovered and tested gas volumes and comprise a portfolio of projects, provide the initial platform for the Company to build the necessary critical mass for a sustainable UKCS business. Having recently entered the Cooper Basin, and also come to an agreement with GSPC relating to the Cambay licence, we are now making progress on three fronts, and significantly adding to the Company’s opportunity set through which to build value for investors.†Full announcement via link below: [link]
Totally_Wired
12 Sep 2019
RNS-Historic 12 September 2019 ASX: OEX AIM: OEX Good Oil Investor Presentation - September 2019 Oilex Ltd advises that a copy of an Oilex Good Oil Investor Presentation dated September 2019 can be viewed by clicking on the below link. [link] [link]
Totally_Wired
09 Sep 2019
RNS-Historic 9 September 2019 ASX: OEX AIM: OEX Dispute Resolution with GSPC Oilex Ltd (Oilex or the Company) is pleased to announce it has reached an agreement with Gujarat State Petroleum Corporation (GSPC) which, upon completion, will resolve the ongoing Cambay PSC dispute (Agreement). Significantly, the Indian Directorate General of Hydrocarbons is a signatory to the Agreement. As previously announced, the State Government of Gujarat and the GSPC Board of Directors’ have approved a sales process for many of GSPC’s Indian E&P assets. Oilex and GSPC have now agreed to include GSPC’s 55% Participating Interest (PI) in Cambay PSC in this sale process. GSPC has also undertaken to use its best endeavours to complete the sale process within 90 days from commencement, which is anticipated to occur on or about 24 September 2019. Pursuant to the Agreement, the Event of Default (EoD) declared by Oilex pursuant to the Cambay Field Joint Operating Agreement (JOA) has been withdrawn and GSPC will formally terminate arbitration proceedings lodged with the Singapore International Arbitration Centre (SIAC) and remove the stay order granted in the High Court of Gujarat. Pursuant to the JOA, Oilex holds a first right of refusal where GSPC disposes of its 55% interest in the Cambay PSC. Background By way of background, on 29 May 2018, the Company issued an EoD Notice to GSPC in accordance with the JOA for the equivalent amount of US$3,054,832. The EoD Notice was issued as a result of GSPC’s ongoing failure to pay its Participating Interest (PI) share of Cambay PSC expenses. GSPC failed to remedy its default within 60 days and, in accordance with the JOA, Oilex formally requested the DGH and the MoPNG in India to transfer GSPC’s PI to the Company. This was announced by Oilex on 30 July 2018. On 13 August 2018, GSPC served an ex-parte interim stay order (IAAP No. 130 of 2018) from the High Court of Gujarat (Court) directing the Company not to take any coercive steps against GSPC (Order) with regard to the EoD Notice. As disclosed in the announcement of 13 August 2018, the Order was awarded on an interim basis to delay the transfer of GSPC’s PI in the Cambay PSC to Oilex. On 5 November 2018, the Company announced the Court had issued the Order and passed judgement further delaying the implementation of the EoD Notice and Notice of Withdrawal of Participating Interest dated 29 July 2018, subject to certain conditions. These conditions were subsequently attained by GSPC, including the requirement to commence arbitration proceedings. Notably, the transfer of the PI is currently subject to vacation of the Order. In accordance with the Agreement, the arbitration proceedings which GSPC commenced in the SIAC on 19 November, 2018 will be terminated. Chief Financial Officer, Mark Bolton, said: “We are pleased to support GSPC’s initiatives to restructure its business and provide a path forward to potential development of Cambay with a potential new joint venture partner. The resolution of this dispute reflects the valued contribution of the DGH and the MoPNG in their efforts to promote investment in the sector. Oilex is committed to meeting its undertakings to the GoI and contributing to India’s energy security.†[link]
Totally_Wired
20 Aug 2019
RNS-Historic 20 August 2019 ASX: OEX AIM: OEX Notice of General Meeting Oilex Ltd (the Company) advises that its General Meeting will be held at the Park Business Centre, 45 Ventnor Avenue, West Perth, Western Australia on Thursday 19 September 2019 at 10.00am AWST. Attached is a copy of the Notice of Annual General Meeting, including an Explanatory Memorandum and Proxy Form, dispatched to shareholders today. [link]
Totally_Wired
16 Aug 2019
RNS-Historic 16 August 2019 ASX: OEX AIM: OEX JPDA Arbitration - Counterclaim for US$23.3 million In October 2018, the Company announced the Autoridade Nacional Do Petroleo E Minerais (ANPM) had commenced arbitration proceedings against Oilex and its joint venture partners (Respondents), in regard to the JPDA production sharing contract (PSC). The Company announces it has today submitted the Respondents First Memorial to the International Chamber of Commerce (ICC) in Singapore. In this regard, following a substantive legal and independent expert review, the joint venture has lodged a counterclaim against the ANPM for the amount US$23.3 million (plus interest) as damages arising from the wrongful termination of the PSC. Oilex holds a 10% participating interest in the JPDA joint venture. The arbitration hearing is scheduled to commence on 10 February 2020. Background In November 2006, Oilex Ltd, via its wholly owned subsidiary Oilex (JPDA 06-103) Ltd (Oilex) and its Joint Venture partners entered into the PSC. The PSC effective date was 15 January 2007 and Oilex was appointed Operator. On 12 July 2013, the Operator, on behalf of the Joint Venture, submitted to the ANPM a Request to Terminate the PSC by Mutual Agreement in accordance with the PSC terms and without Penalty or Claim (Request). The Request was issued as a result of ongoing uncertainty as to security of PSC tenure which arose as a result of a maritime boundary dispute between the Governments of Timor Leste and Australia. On 15 May 2015, the ANPM issued a Notice of Intention to Terminate the PSC and subsequently, on 15 July 2015, issued a Notice of Termination and Demand for Payment. The demand for payment (100%) of the penalty claim of US$17.0 million (plus interest) reflected the ANPM’s estimate of the cost of exploration activities not undertaken in 2013, as well as certain local content obligations set out in the PSC. More recently, ANPM has sought to amend its claim to US$22.26 million. On 17 October 2018, the Company announced it had received correspondence from ANPM, the body responsible for managing and regulating petroleum and mining activities in the Timor-Leste area, advising that it had submitted a Request for Arbitration (RFA) to the ICC. The RFA relates to matters associated with the termination of the PSC by the ANPM. In addition to other matters, the Joint Venture considers it has made significant over expenditure in executing the PSC work programme and further, the ANPM failed to properly assess and award credit for such additional expenditure when terminating the PSC. Notwithstanding the Joint Venture considers no penalty payment is applicable, the parties made a number of unsuccessful attempts to settle the matter in dispute prior to the arbitration proceedings issuing. The obligations and liabilities of the Joint Venture participants under the PSC are joint and several and all participants have provided parent company guarantees. The equity interest of the Joint Venture participants are: Oilex (JPDA 06-103) Ltd (Operator)---------- ---------- ----10% Pan Pacific Petroleum (JPDA 06-103) Pty Ltd---------- -15% Japan Energy E&P JPDA Pty Ltd---------- ---------- -------15% GSPC (JPDA) Limited #---------- ---------- ---------- ---------20% Videocon JPDA 06-103 Limited *#---------- ---------- ----20% Bharat PetroResources JPDA Ltd---------- ---------- -----20% Total=100% The Company understands that the parent company Videocon Industries Ltd is subject to corporate insolvency proceedings and continues to trade under the supervision of an insolvency professional. A notice of default has been issued against both Videocon JPDA 06-103 Limited and GSPC (JPDA) Limited for their failure to pay the joint venture cash calls. Commenting on the arbitration, Managing Director Mr Joe Salomon said that “it was disappointing that the ANPM elected to pursue arbitration. The US$23.3 million counter-claim further supports our view that the joint venture has previously and will continue to act in good faith, with previous offers to settle the matter being generous.†[link]
Totally_Wired
15 Aug 2019
RNS-Historic 15 August 2019 ASX: OEX AIM: OEX Notice of Change of Interests of Substantial Holder Please refer to the attached Form 604, for the notice of change of interests of substantial holder lodged by Republic Investment Management Pte Ltd (“Republicâ€). [link] [link]
Totally_Wired
14 Aug 2019
RNS-Historic 14 August 2019 ASX: OEX AIM: OEX Re: Issue of Consideration Securities for Cooper-Eromanga Basins Acquisition Oilex Ltd (Oilex or the Company) advises that it has today issued 9,166,333 ordinary shares at a deemed price of A$0.003 per share (Acquisition Shares) pursuant to the agreement with Terra Nova Energy (Australia) Pty Ltd and Perseville Investing Inc (collectively, TNP) to acquire a further 30.8330% participating interest in PEL112 and PEL444 as announced earlier today. Today’s acquisition together with the existing agreement with Holloman Energy Corporation (Holloman) as announced on 7 August 2019, will increase the Company’s participating interest in PEL112 and PEL444 to 79.3333% when completed. Furthermore, today’s agreement with TNP also provides the Company with an option, subject to certain terms and condition, to acquire a further 20.6667% and thereby increasing the Company’s participating interest in PEL112 and PEL444 to 100%, when completed. Completion of the TNP and Holloman agreements is to occur on or before 30 September 2019. The issue of the Acquisition Shares was pursuant to ASX Listing Rule 7.1. AIM Admission and Total Voting Rights Application has been made to the London Stock Exchange plc for the admission of the Acquisition Shares to trading on AIM (Admission). Admission of the Acquisition Shares is expected to become effective and dealings to commence at 8.00 a.m. on 21 August 2019. Following Admission of these shares, the Company will have 2,878,064,483 shares in issue. The Company does not currently hold any shares in treasury. Accordingly, the total number of voting rights will be 2,878,064,483. Listing Rule 3.10.5A Disclosure (more via link below) [link]
Totally_Wired
14 Aug 2019
RNS-Historic 14 August 2019 ASX: OEX AIM: OEX Further Acquisition in Cooper-Eromanga Basins Oilex Ltd (“Oilex†or “the Companyâ€) is pleased to announce that it has entered into an agreement with Perseville Investing Inc and Terra Nova Energy (Australia) Pty Ltd (TNA) (collectively, TNP) to acquire up to a further 51.4997% interest in the Petroleum Exploration Licenses (PELs) 112 and 444 licenses (the Licenses) in the world class Cooper-Eromanga Basins in South Australia. Pursuant to the share purchase agreement entered into with TNP today, the Company will acquire a further participating interest of 30.833% in the Licenses for consideration of 9,166,333 ordinary shares in the Company at a deemed price of 0.3 cents and A$65,000 in cash for a total consideration of A$92,499. The Company has today issued 9,166,333 ordinary shares and paid A$18,750 in cash as initial consideration (T1) with the final balance of A$46,250 cash payable at completion, which is to occur on or before 30 September 2019 (T2). In addition, the Company has been granted an Option by TNP for up to 15 months to acquire a further 20.6667% participating interest in the Licenses (Option). The Option can be exercised for consideration of 20,666,700 ordinary shares in the Company at a deemed price of 0.3 cents for a total consideration of A$62,000 (Option Exercise Shares). Further information on the terms and conditions of the Option is detailed in this announcement below. The issue of the 9,166,333 ordinary shares as part of the T1 consideration has been made pursuant to the Company’s ASX Listing Rule 7.1 capacity. The issue of the Option Exercise Shares is subject to shareholder approval under ASX Listing Rule 7.1. The applicable Appendix 3B for the issue of the T1 shares will be released shortly. Background on PEL 112 and PEL 444 On 7 August 2019, the Company announced it had entered into an agreement with Holloman Energy Corporation to acquire an initial 48.5003% interest in the Licenses which is anticipated to be completed on or before 30 September 2019. The Licenses are located in the South Australia section of the Cooper-Eromanga Basins. Both Licenses are located on extensions of the Western Flank oil fairway, the most important recent contributor to oil production in the Cooper Basin. This fairway hosts over 30% of the Cooper Basin oil reserves and has been a major industry focus for new drilling and field development over the last 10 to 15 years. PEL 112 covers 1,086 square kilometres and PEL 444 covers 1166 square kilometres. Each PEL is currently in temporary suspension at the request of the current License holders (a provision with the South Australian government where work obligations are suspended for a fixed period) expiring on 31 July 2019 and for which the Company understands that a further extension will be sought. The PEL’s carry an obligation to drill one well each before January 2021 (PEL 112) and January 2022 (PEL 444) respectively. Both blocks have modern 3D seismic surveys acquired by Holloman and its partners; 127 square kilometre in PEL 112 and 80 square kilometres in PEL 444. Subsequent to the 3D surveys, one exploration well was drilled in each 3D area however neither well was successful with the structural integrity of the prospects drilled in question. Undrilled structural prospects and leads have been identified in both blocks. Oilex’s intention is to re-evaluate the 3D seismic data using advanced IP which is designed to fast track the identification of stratigraphic features and geobodies. Importantly the Western Flank discoveries include many fluvial channel features and the stratigraphic section lends itself to the development of many more stratigraphically trapped hydrocarbon pools. Additional technologies available to Oilex include rapid, low cost reconnaissance tools aimed at testing the presence of hydrocarbon signatures in the atmosphere and in the soils overlying hydrocarbon accumulations. The Licenses are favourably situated given the proven westward migration of oil from the Patchawarra Trough to the Western Flank fields and particularly the presence of oil in a well just to the east of PEL 444. Oilex believes that the existing high-quality 3D data coupled with advanced evaluation tools will result in the identification of new targets for stratigraphic oil pools within these licenses. Terra Nova Energy (Australia) Pty Ltd is the operator of the Licences until completion of T2. Key terms of the TNP Agreement The key terms of the share purchase agreement are as follows: · T1 Non-refundable deposit: The issue of the 9,166,333 T1 shares and A$18,750 in cash is a non-refundable deposit. · T2 Consideration: At completion, the Company will be required to make a final cash payment of $46,250 together with a cash payment of $30,833 in consideration for its portion of the bonds held by the applicable governmental agencies in respect of the Licenses. · T2 Conditions Precedent: T2 Completion remains subject to the receipt of any consent, approval or signed document that is required to be obtained from any third-party or governmental agency in connection with the transaction. These conditions must be satisfied (or where permitted, waived) by no later than 30 September 2019. The necessary waivers and consents under the Joint Operating Agreement (JOA) have been obtained. · Option: The Option to acquire a 20.6667% participating interest in the Licenses may be exercised for a period of three months commencing from the earlier of 12 months and, a notice issued by TNA. The Option exercise consideration shall comprise the issue of 20,666,700 Oilex shares and a cash payment of $20,667 in consideration for its portion of the bonds held by the applicable governmental agencies in respect of the Licenses. Where the Option is exercised, Oilex shall also refund any cash calls paid by TNA commencing from the date of execution of this Option agreement and the exercise of the Option. Aggregate cash calls in excess of A$50,000 paid by TNA prior to the exercise or expiry of the Option shall be payable by Oilex. · Options Exercise Conditions Precedent: Exercise remains subject to and conditional on the receipt of shareholder approval for the issue of the 20,666,700 Oilex shares pursuant to the exercise of the Option; and the receipt of any consent, approval or signed document that is required to be obtained from any third-party or governmental agency in connection with the transaction. The necessary waivers and consents under the JOA have been obtained. · Top-Up Cash Consideration: If, before completion of T2 or the exercise of the Option, as applicable, the Company undertakes an equity raising in excess of A$1 million by an issue of shares at an issue price per share of less than the deemed price of A$0.003, then at completion of T2 or the exercise of the Option, the Company must pay the vendor such cash consideration as is equal to the difference in value of the T1, T2 and Option Exercise Shares at the deemed price calculated at the average issue price of the equity raising. Managing Director, Joe Salomon, said: “We are pleased to increase our exposure to the world class Cooper-Eromanga Basins. Our recent review of the Cooper Eromanga basins has led us to focus on two specific play types. This acquisition provides good exposure to the very successful Jurassic hosted oil fairway. 3D seismic has been the key to the very high success rate in this play and we look forward to applying our access to specialised advanced technologies to the two existing surveys searching for new hydrocarbon pools. Another added attraction is the low-cost associated with discovery and development in this area given that target depths occur at around 1,500 metres. The Company continues to consider further opportunities in the basin.†The Company remains committed to unlocking the potential of its Cambay Project in India and delivering value to its shareholders. The Cooper-Eromanga Basins provides an opportunity for shareholder value accretion while preserving substantial exposure to the significant potential at Cambay." Further information will be provided as it becomes available. [link]
