Cooper Basin Update

AIM Announcement

28 April 2020  

ASX: OEX

AIM: OEX

Oilex Ltd ("Oilex" or "the Company") advises that an agreement with Doriemus plc (Doriemus) to reach an alternative agreement relating to the proposed purchase of Oilex's interests in the Cooper Basin by Doriemus (as reported in previous announcements) has not been reached.  Oilex is in discussion with a number of companies showing a strong interest in stepping into the Cooper-Eromanga project and participating in moving the asset base which Oilex has established forwards.  Further announcements relating to this will be made at the appropriate time.

Background

On 29 January 2020, the Company announced that it had signed a binding Heads of Agreement with Doriemus, an ASX-listed company, for the proposed sale of all of Oilex's interests in the Cooper-Eromanga Basin to Doriemus, including the Northern Fairway PRLs (Proposed Transaction). 

On 24 March 2020, the Company provided an update that despite strong funding support, ceratin investors had failed to settle their committed funds given the changed global market challenges with Doriemus announcing that it would not be proceeding with the capital raising.  The update advised that the parties were continuing discussions on a revised transaction structure.

On 3^rd April 2020, the Company announced an extension to the date for satisfaction on conditions precedent in regards to the acquisition of 27 Petroleum Retention Licences (PRLs)from Senex Energy Limited and certain of its related entities to 27 September 2020.

Managing Director, Joe Salomon, commented, "While we did not find a path to go forwards with Doriemus, we see strong support from other interested companies and are currently in discussions with a number of entities to potentially move the projects forward in the best interests of all stakeholders and we remain ready to proceed with a new party under similar terms to the Doriemus deal."

For and on behalf of Oilex Ltd

Joe Salomon

Managing Director

For further information, please contact: