RNS-Historic 21 February 2020 ASX: OEX AIM: OEX Strong Funding Support for Cooper-Eromanga Oilex Ltd (the Company) is pleased to advise that Doriemus plc (Doriemus) has successfully completed a conditional bookbuild to raise A$4.5 million via a placement of Doriemus shares and options (Placement). A copy of the Doriemus press release is set out at the end of this announcement. The Placement by Doriemus will, upon completion, satisfy a key condition precedent to the proposed acquisition by Doriemus of the Company’s portfolio of Cooper-Eromanga Basin assets, as detailed in the Company’s announcement on 29 January 2020 (“Acquisition”). The Acquisition remains subject to a number of other conditions precedent as set out in the same announcement. The proposed Placement will be completed by Doriemus at an issue price of A$0.035 per Doriemus CHESS Depositary Interest (CDI) together with one (1) free option for every three (3) CDIs subscribed for in the Placement. Each of the options will have an exercise price of A$0.08 each and to be exercised at any time up to the date that is 4 years from the date of completion of the Acquisition (Options). The Options will be listed on the ASX by Doriemus subject to meeting certain ASX listing requirements. The completion of the Placement is subject to Doriemus shareholder approval at a meeting on or around 12 March 2020, and completion of the Acquisition. If completion of the Acquisition does not occur, no CDIs or Options will be issued under the Placement. Background On 29 January 2020, the Company announced that it had signed a binding Heads of Agreement (HOA) with Doriemus, an ASX-listed company, for the proposed sale of all of Oilex’s interests in the Cooper-Eromanga Basin to Doriemus. Amongst other conditions, Doriemus was required to complete a minimum capital raising of A$3.5 million. Details of all the material terms of the Acquisition, including the conditions precedent, are detailed in the Company’s the same announcement. Commenting on the transaction, Managing Director, Joe Salomon, said: "The Doriemus capital raising, which was well supported by investors, is a critical milestone for the completion the spin-out of our Cooper-Eromanga assets. Oilex retains a significant interest in the value potential of the Cooper Eromanga assets through the 25.5 million Doriemus shares it will receive as consideration. " For and on behalf of Oilex Ltd Joe Salomon Managing Director
RNS-Historic 11 February 2020 ASX: OEX AIM: OEX Chairman Consulting Contract Extension The Board of Oilex Ltd (the Company) is pleased to announce that the expanded operational role for Mr Bradley Lingo, the Chairman of Oilex Ltd, will be extended by a further two months to 31 March 2020. The expanded role, which was announced on 6 September 2019, for an initial term of 6 months, has focussed on the development and implementation of the Company’s Cooper-Eromanga Basin strategy. The extension reflects the continued ongoing support from Mr Lingo following the Company’s announcement dated 29 January 2020 regarding the proposed transaction with Doriemus plc. All other terms of the contract governing his expanded operational role remain the same as announced on 6 September 2019. Related Party Transaction Mr Lingo is a Director of the Company and accordingly the extension of his contract is classified as a related party transaction pursuant to the AIM Rules for Companies. The Directors of the Company, other than Mr Lingo, having consulted with Strand Hanson Limited, the Company’s Nominated Adviser, consider that the terms of the extension of his contract are fair and reasonable insofar as the Company’s shareholders are concerned.
RNS-Historic 4 February 2020 ASX: OEX AIM: OEX Appendix 3B : Issue of Securities Further to the Company’s announcement of 3 February 2020 regarding the New Series C Loan Facility, please refer to the attached Appendix 3B in relation to the issue of the unlisted options. [link]
RNS-Historic 3 February 2020 ASX: OEX AIM: OEX New Series C Loan Facility Oilex Ltd (the Company) is pleased to advise that it has entered into an agreement, with existing shareholders who are exempt professional investors to secure a new loan funding facility of £350,000 (Series C Loan). Summary of Key Terms [link]
RNS-Historic 31 January 2020 DECEMBER 2019 QUARTERLY REPORT CAMBAY FIELD, ONSHORE GUJARAT, INDIA » The Company’s plans for the 2019-20 work programme and budget to drill two vertical wells are well advanced. Amongst other conditions, these wells are pending finalisation of the settlement with Gujarat State Petroleum Corporation (GSPC) and securing the necessary funding. » Pursuant to the settlement announced in the previous quarter, GSPC commenced a sale process for its 55% participating interest (PI) in Cambay. » Subsequent to the end of the Quarter, GSPC advised that it had opened the bids received for its Cambay PI and a preferred bidder has been identified. » The Singapore International Arbitration Commission (SIAC) refunded S$179,731 (E A$196,000) in arbitration fees paid by Oilex in relation to the dispute with GSPC over Cambay. » During the quarter, GSPC paid INR 10,782,244 (E A$224,000) towards outstanding cash calls. » The WP&B 2020-21 was submitted to Director General of Hydrocarbons for approval. » Gas production from the Cambay Field is currently shut-in. The Company hopes to reinstate production shortly. COOPER-EROMANGA BASINS, AUSTRALIA » During the quarter the Company announced that the satisfaction of the condition precedent (including government approvals) for the completion of the Senex acquisition was extended by two months to 29 February 2019. » Subsequent to the end of the quarter, the Company announced that it had entered into a binding conditional Heads of Agreement for the sale of its interests in Cooper-Eromanga Basins to Doriemus plc. BHANDUT FIELD, ONSHORE GUJARAT, INDIA » The Bhandut Field remains on care and maintenance. » The WP&B 2020-21 was submitted to the Director General of Hydrocarbons for approval. » During the quarter, GSPC continued with its sale process for their participating interest in Bhandut. The Company has a right of first refusal in regard to sale of GSPC’s participating interest. » Subsequent to the end of the quarter, the Company accepted a conditional cash offer for the sale of Bhandut for US$0.14 million. » During the quarter, GSPC paid INR 1,444,962 (E A$30,000) towards outstanding cash calls. [link]
RNS-Historic 30 January 2020 ASX: OEX AIM: OEX Doriemus Plc : Proposed Acquisition of Major Cooper-Eromanga Portfolio Please refer below and the attached ASX announcement lodged by Doriemus Plc (Doriemus) (ASXOR) in relation to the above-mentioned proposed transaction with Oilex Ltd. A pdf version of the Doriemus announcement lodged with the ASX is attached. [link]
RNS-Historic 29 January 2020 ASX: OEX AIM: OEX Sale of Cooper Eromanga Basin Assets Oilex Limited (Oilex or the Company) is pleased to announce that it has signed a binding Heads of Agreement (HOA) with Doriemus plc (Doriemus), an ASX-listed company, for the proposed sale of all of its interests in the Cooper-Eromanga Basin to Doriemus. Subject to the terms of the HOA, it is intended that Doriemus will acquire 100% of the issued capital of CoEra Limited (CoEra), a wholly owned subsidiary of Oilex (Proposed Transaction). At completion, CoEra will own all of Oilex’s direct and indirect interests in the Cooper-Eromanga Basin including: · 79.33% direct interest in two Petroleum Exploration Licences (PEL 112 and PEL 444) (with an option, as previously announced, to acquire the remaining 20.66%); and · right to acquire 27 Petroleum Retention Licences from Senex Limited (Northern Fairway PRLs). As consideration for the Proposed Transaction, Doriemus will issue 28,301,887 CHESS Depositary Interests (CDIs) (representing 28,301,887 shares in Doriemus) to Oilex (or its nominee(s)) upon completion of the Proposed Transaction. The Company will nominate 2,830,188 CDI’s of the abovementioned consideration to Orthogonal Enterprises Pty Ltd (Orthogonal) for past and future services rendered in building the Cooper-Eromanga portfolio. The Doriemus’ closing share price of A$0.03 on 28 January 2019 values the net consideration payable to Oilex at A$764,000. Alternatively, based on Doriemus HY2019 financial statements, the Net Asset Value is over A$0.09 per Doriemus share valuing the net consideration payable at A$2.4 million. In addition, Doriemus will also irrevocably and finally assume the obligations of Oilex under the Senex Agreement to acquire the Northern Fairway PRLs, namely the assumption of existing abandonment liabilities, estimated at $1.1 million, payment of future PRL annual fees and work programme obligations including exploration well commitments in PEL 112 and PEL 444. The CDIs to be issued as consideration for the Proposed Transaction are subject voluntary escrow conditions and will only be able to be disposed of by Oilex and Orthogonal in certain limited circumstances for a 2-year period following their issue. The Proposed Transaction is subject to the satisfaction of various conditions precedent, including in particular, Doriemus obtaining shareholder approvals for the issue of various securities, the completion of a minimum $3.5 million capital raising by Doriemus, completion of due diligence by each party on the other and execution of definitive transaction documentation between Doriemus and Oilex in respect of the Proposed Transaction. The HOA sets out that these conditions precedent need to be satisfied by 30 June 2020 or discussions will be discontinued. Accordingly, whilst both the Board of Directors of Oilex and Doriemus are confident that the conditions precedent will be satisfied, there can be no guarantee that they will be, and therefore no guarantee that the Proposed Transaction will complete. The ASX has confirmed that Listing Rule 11.1.3 does not apply to Doriemus in regard to the proposed acquisition and associated transactions by Doriemus. CoEra and its subsidiaries were acquired by Oilex after 30 June 2019 and accordingly, there was no revenue or earnings attributable to Oilex for the year ended 30 June 2019. As at 31 December 2019, the Cooper-Eromanga Basin assets being disposed of by Oilex had an unaudited carrying value of A$331,000. Assuming completion of the Proposed Transaction, Oilex will no longer have any oil and gas asset interests in Australia, and instead with be focused on further developing its asset base in India and the UK Continental Shelf (UKCS). Proposed Board Changes Subject to completion of the Proposed Transaction, Doriemus proposes to appoint Oilex’s Chairman, Mr Brad Lingo as the new Managing Director of Doriemus. In this event, Mr Lingo would also step down as the Chairman of Oilex following the appointment of a new Oilex Chairman. It is also proposed that Oilex’s Managing Director, Joe Salomon, will be appointed as a Director of Doriemus. The independent directors of Oilex are currently conducting a formal process to appoint a new Oilex Chairman. Proposed Doriemus Capital Raising As part of the Proposed Transaction, Doriemus intends to undertake a capital raising at a price expected to be $0.035 per CDI to raise a minimum of $3.5 million and a current proposed maximum of $5 million (Capital Raising). It is proposed, subject to agreeing legalities and structuring mechanics, to include a priority offer to eligible existing Doriemus and Oilex shareholders (being those Doriemus CDI holders or Oilex shareholders (whether through Common Shares or depository interests) with a registered address in the United Kingdom, Singapore, Australia and New Zealand on the record date, which date is yet to be determined) for up to $1.5 million (“Priority Offer”). At this stage, the Priority Offer is expected to be made under a disclosure document prepared by Doriemus in accordance with Chapter 6D of the Corporations Act 2001 (Cth). It is proposed that participants in the Capital Raising will also receive one (1) free option for every three (3) CDIs / shares subscribed for in the Capital Raising. It is further proposed that the options will be exercisable at A$0.08 on or before four years from the date of completion of the Proposed Transaction (Attaching Options). It is currently intended that the Attaching Options will be listed on the ASX by Doriemus, subject to meeting certain ASX listing requirements. Further details of the proposed Capital Raising will be provided in due course. Commenting on the transaction, Managing Director, Joe Salomon, said: "The Board has assessed many options to maximise value for our shareholders and the proposed sale of the Cooper-Eromanga Basin assets to Doriemus ensures that Oilex retains material leverage to the Cooper-Eromanga Basin assets without the associated funding burden and consequential dilution. The decision also reflects Oilex’s dominant European shareholder base and trading volumes on the London AIM. Importantly, it allows the Company to focus on its core assets in India and expand its portfolio in the UKCS which we look forward to progressing. In any event, it is anticipated that eligible Oilex shareholders will also have the opportunity to increase their exposure to the Cooper Basin portfolio via the priority offer in the proposed Doriemus capital raising. We will update shareholders in due course with further details in this regard."
RNS-Historic 28 January 2020 ASX: OEX AIM: OEX Sale of Participating Interest in Bhandut Oilex Ltd (the Company or Oilex) is pleased to advise that it has accepted an offer from Kiri and Company Logistics Private Limited (Kiri) to dispose of its 40% participating interest (PI) in the Bhandut PSC (Bhandut). Pursuant to the Agreement entered with Kiri and Company Logistics Private Limited (Kiri), the Company will receive US$0.14 million in cash proceeds for the sale of its PI to Kiri. GSPC had also invited parties to make submissions to acquire its 60% PI in Bhandut with Kiri successfully selected as the preferred bidder (H-1). Kiri will acquire Oilex’s PI in Bhandut on the same proportional cost basis as GSPC with a small premium for Oilex’s operatorship in the PSC. Furthermore, Kiri has expressed an interest in engaging the services of Oilex’s office to review field production, stabilize operations and initiate field re-development of the Bhandut PSC in accordance with the FDP. Bhandut is presently shut-in and has been fully provided for in the Oilex financial statements. The sale of Oilex’s PI in Bhandut is conditional on the completion of the sale of GSPC’s PI in Bhandut to Kiri on or before 31 March 2020.
RNS-Historic From yesterday: 17 January 2020 ASX: OEX AIM: OEX Update on Cambay Sale Process Oilex Ltd (Oilex or the Company) advises that Gujarat State Petroleum Corporation (GSPC) has now opened the bids received for the sale of its 55% participating interest (PI) in the Cambay PSC. The sale process being conducted by GSPC, which is internal and confidential, is pursuant to the settlement agreed between Oilex and GSPC as announced on 9 September 2019. Oilex understands that a preferred bidder has been identified by GSPC, which will be invited by GSPC to finalize negotiations before seeking applicable regulatory approvals in India. The Company will update the market once further information on the GSPC sale process becomes available. 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
RNS-Historic 31 December 2019 ASX: OEX AIM: OEX Exercise of Options and Underwriting The Board of Oilex Limited (the Company) is pleased to announce that it has received option conversion notices for 60,150,375 options convertible at $0.00266 each (A$160,000) on or before 31 December 2019. The Company has 124,060,150 unlisted options on issue convertible at $0.00266 each (A$330,000) on or before 31 December 2019. The Company does not anticipate receiving any further notices for the conversion of the remaining 63,909,775 options by optionholders. Furthermore, the Company advises that it has entered into underwriting agreements with Novum Securities Limited and B.D. Limited of Malta (the Underwriters) for the conversion of up to 63,909,775 unlisted options convertible at $0.00266 each (A$170,000) on or before 31 December 2019. Any shortfall shares to be issued to the Underwriters are expected to be issued in accordance with ASX Listing Rule 7.2 (Exception 10) and accordingly shareholder approval will not be sought. In accordance with ASX Listing Rule 3.11.3, the Company advises that the Underwriters are not a related party of the Company and will be paid a fee of 6% of the underwritten amount. The underwriting agreements contain indemnification and termination provisions and other terms normally found in an agreement of this nature. A summary of the termination provisions is annexed below. The proceeds from the conversion of the options are to be applied to acquisitions and working capital. [link]
RNS-Historic 23 December 2019 ASX: OEX AIM: OEX East Irish Sea Licence Acquisition The Board of Oilex Limited (the “Company”) is very pleased to announce that it has entered into a binding term sheet with Burgate Exploration and Production Ltd (“Burgate”), to acquire a 100% participating interest in the Doyle-Peel licence (P2447) in the East Irish Sea (EIS), offshore the United Kingdom (“Term Sheet”). In addition, the Company has entered into an exclusivity agreement with Burgate, Comtrack (UK) Ltd, and Simwell Resources Ltd (collectively “BCS”) for the potential acquisition of a 100% participating interest in the Castletown licence (P2076). The EIS licences provide an attractive entry into a proven gas fairway in the centre of the East Irish Sea Basin. Furthermore, the licences are in shallow water near existing infrastructure reducing the complexity, risk and cost of development. The EIS is a prolific basin which has produced around 8 TCF of gas to date with considerable existing gas production, gathering, processing and transportation infrastructure. The depth to the target reservoirs is less than 2,000 metres thus providing modest drilling costs. Project Overview The licenses lie on the west dipping graben edge of the Tynwald Fault Zone on the structural trend with the Rhyl and North Morecambe producing gas fields. Historical production from the primary Triassic Ormskirk reservoirs on this trend show excellent deliverability characteristics. The Ormskirk sandstones were deposited in a continental fluvial regime which became drier and more aeolian (with a higher proportion of dune sands) towards the top. The regional seal is provided by the evaporites and mudstones of the Mercia Mudstone group which attains a thickness in excess of 1,000m across the basin resulting in low seal risk. Gas charge comes from the Carboniferous Coal Measures which underlie much of the basin. A secondary reservoir-seal pair is provided by the Permian Collyhurst sandstone and overlying evaporites. More via link Below: [link]
RNS-Historic 23 December 2019 ASX: OEX AIM: OEX Bids for Cambay Now Closed Oilex Ltd (Oilex or the Company) is pleased to advise 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 now passed. The Company will update the market once further information on the bid process becomes available. Background 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 from commencement of the process, this being 26 September 2019. Pursuant to the settlement, the Event of Default and Event of Withdrawal, which had been made 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 removed. Oilex holds a first right of refusal where GSPC disposes of its 55% interest in the Cambay PSC. [link]
RNS-Historic 16 December 2019 ASX: OEX AIM: OEX Extension for Acquisition of Cooper-Eromanga Licences Oilex Ltd (“Oilex” or “the Company”) is pleased to announce that the date for the satisfaction of the conditions precedent in regard to the acquisition of 27 Petroleum Retention Licenses (PRLs) in the Cooper-Eromanga Basins from Senex Energy Limited and certain of its related entities (collectively “Senex”) has been extended by two months to 29 February 2019. The Company advises that it is well advanced in the negotiations to secure the completion of the acquisition of the PRLs with the extension providing further time to finalise these negotiations and obtain the applicable regulatory approvals. More via link: [link]
RNS-Historic 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. [link]
RNS-Historic 29 November 2019 ASX: OEX AIM: OEX Re: Issue of Option Securities Oilex Ltd (Oilex or the Company) advises that it has issued 60,664,887 options exercisable at A$0.004121 on or before 1 April 2020 (Options). On 1 October 2019, the Company announced that it had entered into an amendment agreement with Republic Investment Managers Pte Ltd to vary the terms of its Series B Loans (A$250,000). Pursuant to the amendment agreement, the loan repayment date was extended from 1 October 2019 to 1 April 2020 and the Company agreed to issue the Options, subject to shareholder approval. The issue of the Options was approved by shareholders at the annual general meeting on 27 November 2019. The applicable Appendix 3B is attached. [link]