TIDMOEX

RNS Number : 2442V

Oilex Ltd

02 December 2019

ASX-RNS Announcement

2 December 2019

ASX: OEX

AIM: OEX

Extension of Bid Closing Date for Cambay

Oilex Ltd (Oilex or the Company) advises that the closing date for submission of bids in the formal sale process for Gujarat State Petroleum Corporation's (GSPC) 55% participating interest (PI) in the Cambay PSC has been extended from 30 November 2019 to 21 December 2019. The extension is to provide additional time for further potential bidders that have only recently entered into the sale process.

On 9 September 2019, the Company announced that it had reached a settlement with GSPC to resolve the ongoing Cambay PSC dispute whereby GSPC undertook to use its best endeavours to complete the sale process of its PI within 90 days of commencing the process, this being 26 September 2019. Pursuant to the settlement, the Event of Default and Event of Withdrawal declared by Oilex with regard to the Cambay Field Joint Operating Agreement were withdrawn and the arbitration proceedings, which had been lodged by GSPC with Singapore International Arbitration Commission were terminated. Furthermore, the stay order granted in the High Court of Gujarat was also removed.

Oilex holds a first right of refusal where GSPC disposes of its 55% interest in the Cambay PSC.

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 
 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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December 02, 2019 02:00 ET (07:00 GMT)

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