Oilex Ltd AIM Temporary Suspension (2286B)
19 September 2018 - 4:45PM
UK Regulatory
TIDMOEX
RNS Number : 2286B
Oilex Ltd
19 September 2018
ASX Announcement
19 September 2018
ASX: OEX
AIM: OEX
AIM Temporary Suspension
Oilex Ltd (the Company or Oilex) advises that it is appearing in
the High Court of Gujarat (Court), India, with regard to the
ex-parte interim stay order (Order) obtained by Gujarat State
Petroleum Corporation (GSPC), as announced by the Company on 4
September 2018.
As the proceedings in the Court are public, the Company has
requested and been granted the temporary suspension of trading of
Oilex's shares on AIM, pending an announcement to provide an update
on the proceedings.
The Company will issue an announcement upon receipt of further
information from the Court.
Background
On 30 July 2018, Oilex announced that it had formally requested
the Directorate General of Hydrocarbons and the Ministry of
Petroleum and Natural Gas, India, to transfer GSPC's participating
interest in the Cambay Production Sharing Contract to the Company
(Cambay PSC). The request was made strictly in accordance with the
Joint Operating Agreement and follows GSPC's failure to remedy an
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 participating interest share of Cambay PSC expenses.
As announced on 13 August 2018, GSPC served the Order from the
High Court of Gujarat directing the Company not to take any
coercive steps against GSPC until 4 September 2018. As disclosed in
the announcement of 13 August 2018, the GSPC Order was awarded on
an interim basis to delay the Company transferring GSPC's
participating interest in the Cambay PSC to the Company.
On 4 September 2018, the Company announced that following
submissions to the Court, the matter had been adjourned until 19th
September 2018 at the request of Gujarat State Petroleum
Corporation to consider the reply filed by Oilex.
For and on behalf of Oilex Ltd
Mark Bolton
Chief Financial Officer and Company Secretary
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
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END
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