TIDMOEX

RNS Number : 6720U

Oilex Ltd

26 November 2019

ASX-RNS Announcement

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 (GBP102,500) in arbitration fees paid by Oilex. Furthermore, the Company also confirms the receipt of INR10,782,244 (GBP117,000) 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.

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 
 Enquires               Novum Securities            Adviser                (UK)                   (Aus) 
 Oilex Ltd              Broker                      Strand Hanson          Vigo Communications    Citadel-MAGNUS 
 Joe Salomon            Colin Rowbury               Limited                Public Relations       Michael Weir 
 Managing               Email:                      Nominated Adviser      Patrick                Email: 
 Director               crowbury@novumsecurities.   Rory Murphy/Ritchie    d'Ancona/Chris         mweir@citadelmagnus. 
 Email:                 com                         Balmer                 McMahon                com 
 oilex@oilex.com.au     Tel: +44 20                 Email:                 Email:                 Tel: +618 
 Tel: +61               7399 9427                   oilex@strandhanson.c   patrick.dancona@vigo   6160 4900 
 8 9485 3200            UK                          o.uk                   comms.com              Australia 
 Australia                                          Tel: +44 20            chris.mcmahon@vigoco 
                                                    7409 3494              mms.com 
                                                    UK                     Tel:+ 44 20 7390 
                                                                           0230 UK

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END

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November 26, 2019 03:53 ET (08:53 GMT)

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