11 February 2014
West Kampar Negotiation Update
Oilex Ltd (ASX: OEX, AIM: OEX, Oilex) is pleased to announce that, today, it has received another good faith payment from PT Sumatera Persada Energi ("SPE"), in addition to the payment mentioned in the December 2013 Quarterly Report. This represents a significant step forward in the ongoing negotiations to reach an amicable commercial settlement to the International Court of Arbitration Award of US$4.8m in favour of Oilex and other associated matters.
Discussions between the parties continue to progress and Oilex will inform the market when further material information becomes available in relation to a final agreement.
Managing Director of Oilex, Ron Miller, said
"This is another positive step forward in focusing the company on its core assets and Oilex will persevere with finalising a commercial settlement of the situation."
For further information, please contact:
Oilex Ltd Ron Miller, Managing Director Email: [email protected] Tel: +61 8 9485 3200 Australia |
RFC Ambrian Limited Nominated Adviser and AIM Broker Samantha Harrison Email: [email protected] Tel: +44 203 440 6800 UK |
Tavistock Communications Conrad Harrington Email: [email protected] Tel: +44 207 920 3150 UK |
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