#OEX triggered a breakout alert [link]
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
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
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."
OEX - Main Discussion Thread Court decision gives one last chance… 1st December is now the key date
2018 Annual Report to Shareholders [link]
belief someone has itCapt. morgan
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