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Oilex Ltd (OEX)

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Monday 01 June, 2020

Oilex Ltd

Extension to Armour Agreement

RNS Number : 4682O
Oilex Ltd
01 June 2020
 

 

AIM Announcement

 

1 June 2020

 

ASX: OEX

AIM: OEX

Extension to Armour Agreement

 

Oilex Ltd ("Oilex" or "the Company") is pleased to announce that the Company and Armour Energy Limited (Armour) have agreed that the date for the satisfaction of the conditions precedent for the proposed sale of all of its interests in the Cooper-Eromanga Basin has been extended from 31 May 2020 to 5 June 2020 .

 

Background

 

On 27 May 2020, the Company announced a conditional binding Heads of Agreement (HOA) with Armour, an ASX-listed company (ASX:AJQ), for the proposed sale of all of its interests in the Cooper-Eromanga Basin to Armour (Proposed Transaction).

 

The Proposed Transaction is subject to the satisfaction of various conditions precedent, including completion of due diligence by Armour and execution of definitive transaction documentation between Armour and Oilex in respect of the Proposed Transaction. The HOA sets out that these conditions precedent need to be satisfied by 31 May 2020, herein amended to 5 June 2020.

 

Whilst both the Board of Directors of Oilex and Armour 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.

 

Managing Director, Joe Salomon, commented, "The parties agreed to an ambitious timetable to ensure an accellerated completion.  The process to achieve completion is now well advanced with further information to be provided as it becomes available . "

 

For and on behalf of Oilex Ltd

 

 

Joe Salomon

Managing Director

 

For further information, please contact:

Investor Enquires

Oilex Ltd

Joe Salomon

Managing Director

Email: [email protected]

Tel: +61 8 9485 3200

Australia

AIM Broker

Novum Securities

B roker

Colin Rowbury

Email: [email protected]

Tel: +44 20 7399 9427

UK

AIM Nominated Adviser

Strand Hanson Limited

Nominated Adviser

Rory Murphy/Ritchie Balmer 

Email: [email protected]

Tel: +44 20 7409 3494

UK

Media Enquires (UK)

Vigo Communications

Public Relations

Patrick d'Ancona/Chris McMahon

Email: [email protected]

[email protected]

Tel:+ 44 20 7390 0230

UK

 


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