Totally_Wired
13 Aug 2019
RNS-Historic 13 August 2019 ASX: OEX AIM: OEX Re: Issue of Securities Oilex Ltd (Oilex or the Company) advises that it has issued 257,329,999 ordinary shares at 0.13 pence per share (Capital Raising Shares) in regard to the £334,529 (A$599,622) equity capital raising as announced on 31 July 2019. ASX Listing Rules, AIM Admission and Total Voting Rights The issue of the Capital Raising Shares comprised 237,355,731 shares issued pursuant to ASX Listing Rule 7.1A with the balance of 19,974,268 shares issued pursuant to ASX Listing Rule 7.1. The issue of the Acquisition Shares was pursuant to ASX Listing Rule 7.1. Application has been made to the London Stock Exchange plc for the admission of the New Ordinary Shares to trading on AIM (Admission). Admission of the Capital Raising Shares is expected to become effective and dealings to commence at 8.00 a.m. on 20 August 2019. Following Admission of these shares, the Company will have 2,868,898,150 shares in issue. The Company does not currently hold any shares in treasury. Accordingly, the total number of voting rights will be 2,868,898,150. For and on behalf of Oilex Ltd [link]
Totally_Wired
13 Aug 2019
RNS-Historic 13 August 2019 ASX: OEX AIM: OEX ASX Trading Halt Oilex Ltd (Oilex or the Company) advises that it has requested and been granted a trading halt on the Australian Stock Exchange effective from 13 August 2019, refer below. The acquisition, should it complete, would be deemed a Substantial Transaction pursuant to the AIM rules. Trading in the Company’s ordinary securities on AIM will continue during this period. For and on behalf of Oilex Ltd [link]
Totally_Wired
07 Aug 2019
RNS-Historic 7 August 2019 ASX: OEX AIM: OEX Acquisition in Cooper-Eromanga Basins Oilex Ltd (“Oilex†or “the Companyâ€) is pleased to announce that it has entered into an agreement with Holloman Energy Corporation (“HECâ€) to acquire its 48.5003% interest in the PEL 112 and 444 license (the Licenses) in the world class Cooper-Eromanga Basins in South Australia. Pursuant to the share purchase agreement entered into with HEC, the Company will acquire 100% of its wholly owned subsidiary, Holloman Petroleum Pty Ltd (“HPPLâ€) for gross consideration of 40,416,917 ordinary shares in the Company (Shares) at a deemed price of 0.3 cents and A$24,250 for a total consideration of A$145,500. The key terms of the share purchase agreement are set out below. The Company has today issued 24,250,150 ordinary shares as initial consideration (T1) with the final balance of 16,166,767 shares and A$24,250 payable at completion, which is to occur on or before 30 September 2019 (T2). The issue of the T2 shares by Oilex is subject to shareholder approval under Listing Rule 7.1. The Company is in discussions with the remaining holders in the License to further increase its participating interest in PEL 112 and 444. PEL 112 and PEL 444 The Licenses are held in two Petroleum Exploration Licenses (PELs) located in the South Australia section of the Cooper-Eromanga Basins. Both blocks 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 PEL’s 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 holds a beneficial interest in and is the operator of the Licences. Key terms The key terms of the share purchase agreement are as follows: · HPPL assets and liabilities: On completion, HPPL must hold no assets or liabilities other than its interest in the Licenses and its portion of the bonds held by the applicable South Australian governmental agencies. · Non-refundable deposit: The issue of the T1 shares is a non-refundable deposit. · T2 Consideration: At completion, the Company will be required to issue the 16,166,767 T2 shares and a cash payment of $24,250 together with a cash payment of $48,500 in consideration for its portion of the bonds held by the applicable governmental agencies in respect of the Licenses. · Conditions precedent: Completion remains subject to and conditional on the receipt of shareholder approval for the issue of the T2 shares; 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. 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 have been obtained. · Top-Up Cash Consideration: If, before completion, 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, the Company must pay the vendor such cash consideration as is equal to the difference in value of the T1 and T2 shares at the deemed price calculated at the average issue price of the equity raising. Managing Director, Joe Salomon, said: “We are pleased to announce this new acquisition in the world class Cooper-Eromanga Basins. The Company has been actively reviewing the basin for more than two years and we anticipate todays first step will be expanded on in the near future. The basin is well endowed with infrastructure providing for attractive low-cost discovery and development for Oilex.†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 significant exposure to the significant potential at Cambay." Section 708A(5)(e) Notice and AIM Application The issue of 24,250,150 shares to Holloman Energy Corporation (the Shares) is made under the Company’s Listing Rule 7.1 capacity. Oilex gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) (Act) that: Oilex issued the Shares without disclosure to investors under Part 6D.2 of the Act; as at the date of this notice, Oilex has complied with: (a) section 674 of the Act; and (b) the provisions of Chapter 2M of the Act as they apply to Oilex; and as at the date of this notice, there is no information that is 'excluded information' within the meaning of sections 708A(7) and 708A(8) of the Act. Admission of 24,250,150 shares on AIM is expected to become effective and dealings to commence at 8.00 a.m. on 13 August 2019. Following Admission of these shares, the Company will have 2,611,568,151 shares on issue. The Company does not currently hold any shares in treasury. Accordingly, the total number of voting rights will be 2,611,568,151. In addition, please find attached the applicable ASX Appendix 3B. Further information will be provided as it becomes available. For and on behalf of Oilex Ltd Joe Salomon Managing Director More via link below: [link]
Totally_Wired
31 Jul 2019
RNS-Historic JUNE QUARTERLY REPORT 2019 HIGHLIGHTS CAMBAY FIELD, ONSHORE GUJARAT, INDIA » The Company’s plans for the 2019-20 work programme and budget (2020 WP&B) to drill up to two vertical wells are well advanced. Amongst other conditions, these wells are pending resolution of the dispute with GSPC and the necessary funding. » During the December 2018 quarter, the Company announced that GSPC and the Company had entered into commercial negotiations in order to avoid the matter going to arbitration. » The discussions between Oilex and GSPC regarding a potential commercial settlement have continued during the June 2019 quarter following the Indian national elections. » In parallel with these discussions, the Company continues to follow the arbitration process with the Singapore International Arbitration Centre (SIAC) where it seeks to fully enforce its rights under the Joint Operating Agreement. » In the June 2019 quarter, GSPC made no payments towards outstanding cash calls to the Cambay Joint Venture (Cambay JV). » During the previous quarter, gas production from the Cambay Field was voluntarily shut-in. BHANDUT FIELD, ONSHORE GUJARAT, INDIA » The Bhandut Field remains on care and maintenance. » During the quarter, GSPC continued with its sale process for their participating interest in Bhandut. The Company has a right of first refusal in regard to sale of GSPC’s participating interest. The Company is also in discussion with potential buyers for its participating interest. » During the quarter, the joint venture partner, GSPC, made payments of US$0.095m towards outstanding cash calls. CORPORATE » During the quarter, the Company issued no shares or options. » The Company continues to review new opportunities to create value for shareholders. Discussions are advanced on potential acquisitions in the Cooper Basin and the UK. » Cash resources at 30 June 2019 were approximately $0.4 million. » Subsequent to the end of the quarter, the Company amended its Series A loan of A$330,000 extending the loan repayment date from 26 July 2019 to 1 October 2019. » Subsequent to the end of the quarter the Company announced that it has arranged an equity capital raising to secure funding of £0.34 million (A$0.6 million). » During the quarter the Company announced a change in its registered office location. OVERVIEW More via link below [link]
Totally_Wired
31 Jul 2019
RNS-Historic 31 July 2019 Equity Capital Raising of £0.34 Million Oilex Ltd (Oilex or the Company) is pleased to announce that it has arranged an equity capital raising to secure funding of £0.34 million (A$0.6 million) through the placing of 257,329,999 new shares at 0.13 pence (A$0.2330) per share (Placing). Funds raised from the Placing are intended to be applied towards the near to medium term working capital and corporate requirements of the Company including the resolution of outstanding issues with GSPC. Completion of the Placing is anticipated on before 13 August 2019 and is conditional, inter alia, upon admission of the shares the subject of the Placing to trading on AIM. The shares the subject of the Placing will rank pari passu in all respects with the existing shares. Application will be made in due course to the London Stock Exchange for the shares the subject of the Placing (Placing Shares) to be admitted to trading on AIM and the Company will make an announcement at that time. The Company will issue 237,355,731 of the Placing Shares pursuant to Listing Rule 7.1A with the balance of 19,974,268 shares to be issued pursuant to listing Rule 7.1. The Company notes that it is awaiting the receipt of executed subscription agreements for some applicants in the capital raising which it anticipates to receive shortly. Following admission of the Placing Shares, the Company’s share capital and total voting rights will comprise 2,844,648,000 shares. The Company does not hold any shares in treasury. Consequently, 2,844,648,000 is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure and Transparency Rules. Related Party Transaction Republic Investment Management PTE Ltd (“Republicâ€) has subscribed for £195,265 (A$350,000) of the Placing. As a result of Republic’s interest in the Company, it is categorised as a Substantial Shareholder of the Company pursuant to the AIM Rules for Companies (AIM Rules). Accordingly, the participation of Republic in the Placing is classified as related party transaction pursuant to the AIM Rules. The Directors of the Company, having consulted with Strand Hanson Limited, the Company’s Nominated Adviser, consider that the terms of the Placing with Republic are fair and reasonable insofar as the Company’s shareholders are concerned. Managing Director, Joe Salomon, said "We thank our cornerstone shareholders for their ongoing support of the Company. We remain committed to an amicable resolution at Cambay and continue to work to resolve the ongoing dispute with our joint venture partner. In the event that that commercial resolution is not achieved, the Company will seek to enforce its rights through the arbitration process."
Totally_Wired
27 Feb 2019
RNS-Historic Interim Report 31 December 2018 RNS Number : 2790R Oilex Ltd 27 February 2019 CONTENTS Directors’ Report Auditor’s Independence Declaration Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Condensed Consolidated Statement of Financial Position Condensed Consolidated Statement of Changes in Equity Condensed Consolidated Statement of Cash Flows Notes to the Condensed Consolidated Interim Financial Report Directors’ Declaration Interim Report 31 December 2018
Totally_Wired
31 Jan 2019
RNS-Historic 31 January 2019 OILEX LTD DECEMBER 2018 QUARTERLY REPORT "HIGHLIGHTS CAMBAY FIELD, ONSHORE GUJARAT, INDIA » The Company’s plans for the 2019-20 work programme and budget (WP&B) to drill up to two vertical wells are well advanced. Upon the approvals of the WP&B, and subject to securing the necessary funding, the Company will order long lead items. » During the quarter, the Company appeared in the High Court of Gujarat (High Court) with regard to lifting the ex-parte stay order delaying the implementation of the Event of Default Notice (EoD Notice) dated 29 May 2018. » On 5 November 2018, the High Court of Gujarat issued and passed judgement further delaying the implementation of the EoD Notice subject to the fulfilment of certain conditions by Gujarat State Petroleum Corporation (GSPC). » On 19 November 2018, the Company advised that it has received notice from the Singapore International Arbitration Centre (SIAC) that GSPC invoked the dispute resolution provisions of the Cambay Joint Operating Agreement (JOA). » Following receipt of SIAC notice, the conditions imposed by the High Court to maintain the stay order were met. » On 29 November 2018, the Company announced that GSPC and the Company had entered into commercial negotiations in order to avoid the matter going to arbitration. » As at the date of this report, the discussions between Oilex and GSPC regarding a potential commercial settlement, and to enable a drilling programme to proceed, remain ongoing. » In the December 2018 quarter, GSPC paid equivalent of US$0.29 million towards outstanding cash calls to Cambay JV. » Gas production continues from C-73 at the Cambay Field." OVERVIEW The Company’s primary objective is to maximise shareholder value from its principal asset in the Cambay Basin, located onshore Gujarat State in India, whilst also continuing to review other opportunities to create value and diversify risk by adding new assets to the Company’s project portfolio. To that end, Oilex continues to evaluate and implement a range of technical programme options to progress its main objective of accessing the significant gas resource present in siltstones in the EP-IV reservoir at the Company’s Cambay PSC. North American unconventional drilling, completion and stimulation technologies have been applied by the Joint Venture over the last six years with positive but commercially modest results and work is underway to optimise results for future work programmes. The current work programmes are focused on: · Reaching a resolution for the outstanding cash calls payable by the Company’s Joint Venture partner GSPC; · Preparing detailed work programmes, including new wells for implementation under the approved Field Development Plan (FDP), · Arranging the necessary funding to implement the planned work programme; and · Continuing to evaluate new opportunities to add to the Company’s project portfolio. Full details via link: December 2018 Quarterly Report
Totally_Wired
05 Nov 2018
High Court Decision on Cambay 5 November 2018 ASX: OEX AIM: OEX High Court Decision on Cambay Stay Order Oilex Ltd (Oilex or the Company) advises that the High Court of Gujarat, India (the Court) has now decided on all applications pending regarding the ex-parte interim stay order (IAAP No. 130 of 2018) obtained by Gujarat State Petroleum Corporation (GSPC) as announced by the Company on 13 August 2018 (the Order). The Court has issued and passed judgement further delaying the implementation of the Event of Default Notice (EoD Notice) dated 29 May 2018 and Notice of Withdrawal of Participating Interest 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. We are advised by our Indian legal counsel that the applicable date should read 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. Further to the above observations, the Company is currently considering the order of the Court and will advise of any further actions that it may choose to take, if any. As a result of this announcement, trading in Oilex’s shares on AIM will resume immediately. 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 Joint Operating Agreement and follows GSPC’s failure to remedy the 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 Order from the Court directing the Company not to take any coercive steps against GSPC. The GSPC Order was awarded on an interim basis to delay the Company transferring GSPC’s PI in the Cambay PSC. Managing Director, Joe Salomon, said: "We are pleased that the Court has reached a decision representing a step forward. Importantly, the Judge has recognised that Cambay is in the national interest, and Oilex is committed to meeting its undertakings to the GoI and contributing to India’s energy security. The Company will shortly engage with the GoI to seek the approval of revised work programmes with the aim of progressing with an active drill programme. Notwithstanding recent events, the Company will continue to seek an amicable solution in good faith for all parties provided that any path forward meets our obligations to the GoI to develop Cambay."
HPC_Follower
05 Nov 2018
OEX - Main Discussion Thread Court decision gives one last chance… 1st December is now the key date
Totally_Wired
30 Oct 2018
2018 Annual Report to Shareholders [link]
whitestallion
17 May 2018
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whitestallion
04 Apr 2018
Re: Cheap FFS joaters we've bin havin ur opinion now for 10 yrs and look where it has got us ha haCapt. morgan
Joatmon
04 Apr 2018
Re: Cheap Oilex Contract Area extension for 10 years:[link] is very good news imo.
whitestallion
01 Feb 2018
Re: Woof right, well i'll be giving that a miss the lolCapt. morgan
