Oilex Ltd High Court Extension Application Dismissed (4546H)
15 November 2018 - 6:51PM
UK Regulatory
TIDMOEX
RNS Number : 4546H
Oilex Ltd
15 November 2018
ASX Announcement
15 November 2018
ASX: OEX
AIM: OEX
High Court Extension Application Dismissed
Oilex Ltd (Oilex or the Company) advises that the application by
Gujarat State Petroleum Corporation (GSPC) to the High Court of
Gujarat, India (the Court) seeking an extension of time has been
dismissed. On 14 November 2018, the Company announced that GSPC was
seeking a further 15-day extension to 30 November 2018 to clarify
the amount GSPC is required to submit to the Court. Following
today's hearing, the Court has not granted an extension of time to
comply with the conditions of the previous Court order as announced
by the Company on 5 November 2018.
Background
By way of background, on 30 July 2018 Oilex announced that it
issued Notice of Withdrawal of Participating Interest (NoW) and 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 Event of Default
(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. As announced by the Company on 5
November 2018, the Court issued and passed judgement on 1 November
2018 further delaying the implementation of the EoD and NoW 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
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
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
MSCUVSBRWBAAARA
(END) Dow Jones Newswires
November 15, 2018 02:51 ET (07:51 GMT)
Synergia Energy (LSE:SYN)
Historical Stock Chart
From Apr 2024 to May 2024
Synergia Energy (LSE:SYN)
Historical Stock Chart
From May 2023 to May 2024