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OILEX LTD - Dual Listed Oil & Gas Explorer (OEX)     

Alex 36 - 01 Nov 2012 11:04



Oilex Ltd was incorporated in Australia. Its operations are based out of five offices - our Perth head office, where geotechnical work, financial management and control are located; two in India focused on operations and government relations; and one in each in Muscat, Oman and Dili, Timor-Leste for field logistic, administration and finance support and government liaison. Currently Oilex's main country of operation for the purposes of AIM Rule 26 is India.

The Company is directing its efforts towards opportunities that have the potential to provide an exceptional return on investment. Our focus remains on searching for exploration and production assets in the prospective hydrocarbon basins of India , Australia - particularly in the Northwest Shelf and in the Timor Sea, and in the countries of Southeast and South Asia and near Middle East around the rim of the Indian Ocean. With eight permits/interests in prospective basins, Oilex has rapidly compiled a significant portfolio of oil and gas acreage that has a well-balanced mix of risk and reward.

Oilex now has interests in three field re-development and exploration projects in India; two exploration permits offshore Australia; one production sharing contract in the Joint Petroleum Development Area between Timor-Leste and Australia; one exploration and production sharing agreement onshore Oman and one production sharing contract onshore Sumatera Indonesia. Oilex is the operator of joint ventures comprising major Indian energy companies in all areas save for Indonesia. In Indonesia Oilex is non operator in a joint venture with an Indonesian company.

Website

http://www.oilex.com.au/index.cfm


Quarterly Report ( 31st October 2012 )

http://tinyurl.com/9ge6tx3

banjomick - 15 Jul 2015 10:07 - 128 of 293

Oilex Issues Shares In First Stage Of AUD30 Million Fundraising (ALLISS)
Alliance News 15 July, 2015 | 9:04AM
By Joshua Warner

LONDON (Alliance News) - Oilex Ltd Wednesday said it has issued the first tranche of shares under its AUD30 million capital raising.

The India-focused oil company said it has completed the issue of 45.0 million new shares in the company at AUD0.041 per share to "sophisticated investors" to raise a total of AUD1.8 million.

That is part of the company's larger capital raising announced earlier in July. The first stage is now complete and will be followed by a further, larger placing to raise another AUD21.2 million and a rights issue for a further AUD7.0 million to reach the ultimate AUD30 million target.

Oilex did not need shareholder approval to conduct the first placing, but will need approval to issue a second tranche of shares, consisting of a further 287.3 million new shares at AUD0.041 per share and another 225.5 million new shares at AUD0.0418 per share to raise a combined AUD21.2 million, roughly USD16.3 million.

Under that second tranche, the 225.5 million new shares at AUD0.0418 will be issued to Zeta Resources Ltd. Zeta is paying the higher price in consideration of a deferred settlement date for those shares of up to five months from the general meeting where shareholders will vote on the second tranche.

On completion of the capital raising, if approved, Zeta will hold approximately 19.6% of the expanded shares in issue. Zeta is an active, resources focused holding and development company listed on the ASX, and is 85% owned by Utilico Investments Ltd.

The company also will separately undertaking a renounceable rights issue to all eligible shareholders to enable shareholders to have the opportunity to participate in the capital raising process at the same price as the first tranche at AUD0.041 per share.

That rights issue is fully underwritten and expected to raise a further total of AUD7.0 million, or USD5.3 million, via the issue of 169.5 million new shares on the basis of 1 new share at AUD0.041 for every 4 shares currently held by shareholders.

The total AUD30 million capital raising will be used for the company's work programme at the Cambay oilfield in India during 2015 and 2016. The 2015/16 work programme in India includes two horizontal multistage fracture stimulated production wells and five workovers of legacy wells.

"This programme is expected to significantly increase Oilex's production and cash flow after the two production wells, Cambay-78H and Cambay-80H, are brought online," said Oilex Wednesday. Oilex shares were up 4.1% to 2.08 pence per share on Wednesday morning.

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banjomick - 16 Jul 2015 07:56 - 129 of 293

16 July 2015
ASX: OEX
AIM: OEX

JPDA 06-103 Joint Venture

Further to the Announcement of 14 May 2015, Oilex Ltd ("Oilex"), in its capacity as Operator, on behalf of the Joint Venture Participants in the Joint Petroleum Development Area ("JPDA") 06-103 Production Sharing Contract ("PSC") has received a Notice of Termination and Demand for Payment ("Notice") from the Autoridade Nacional do Petroleo ("ANP").

The Notice accords with details set out in the previous Announcement.

The parties continue to discuss the financial liability of the Contractor upon termination.

http://www.moneyam.com/action/news/showArticle?id=5076905

JPDA 06-103 Joint Venture (14th May 2015)

banjomick - 17 Jul 2015 08:34 - 130 of 293

ASX Announcement
17 July 2015
ASX: OEX
AIM: OEX

Dispatch of Offer Booklet and Entitlement and Acceptance Form


Oilex Ltd is pleased to announce that in respect of the pro-rata renounceable entitlement offer announced on 7 July 2015, the following documents have now been dispatched to shareholders:

· Offer Booklet dated 15 July 2015; and

· Entitlement and Acceptance Form.

A copy of these documents is attached.

http://www.rns-pdf.londonstockexchange.com/rns/3383T_-2015-7-17.pdf


http://www.moneyam.com/action/news/showArticle?id=5077655

banjomick - 17 Jul 2015 08:38 - 131 of 293

17 July 2015

Dear Shareholder


Oilex Ltd - Renounceable Rights Issue


Background

As announced on 7 July 2015, Oilex Ltd (Oilex) is undertaking a capital raising to raise approximately A$30 million. As part of the capital raising Oilex is undertaking a renounceable pro-rata offer of new ordinary shares in Oilex (New Shares) at an offer price of A$0.041 (or £0.02 for Depository Interest holders) per New Share to raise approximately A$7 million (before costs) (Rights Issue). The Rights Issue is being made on the basis of 1 New Share for every 4 Oilex shares held at 5.00pm (AWST) (or in the case of Depositary Interest holders, 5.00pm (GMT)) on 14 July 2015 (the Record Date). The Rights Issue is being fully underwritten by Patersons Securities Limited.

The net proceeds of the Rights Issue will be used primarily to fund part of the Cambay and Bhandut Field work programmes for the 2015/16 year, minimum work commitments in the Canning Basin and general working capital purposes.

This letter is to inform you about the Rights Issue, and to explain why you will not be able to subscribe for New Shares under the Rights Issue. This is not an offer to issue New Shares to you, nor an invitation for you to apply for New Shares. You are not required to do anything in response to this letter.

More from link below:

Oilex Ltd - Renounceable Rights Issue

banjomick - 17 Jul 2015 09:52 - 132 of 293

Oilex proceeds with A$7mln rights issue
08:36 17 Jul 2015
Jamie Ashcroft

The rights issue is part of a larger financing round

Oilex(LON:OEX) has publicised the details of its proposed A$7mln shareholder rights issue which forms part of a larger A$30mln funding.

Cash proceeds from the fund raise are earmarked for a major work programme to scale up the Cambay and Bhandut gas fields in India.

Shareholders have the right to purchase one new Oilex share, priced at 4.1 Australian cents, for every four existing shares they own.

Only shareholders in Australia, New Zealand or the United Kingdom are eligible to participate.

The record date for the rights issue was July 14 (so the above terms are applicable to shareholdings on that date) and shareholders have until 5pm Western Australian time on July 28 to take up their right to buy shares.

Earlier this week Oilex completed an initial A$1.8mln share placing.

A further placing of shares to Zeta Resources will complete the $30mln funding round.

Zeta is acquiring investing A$21.2mln in return for a 19.6% stake in the company.


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banjomick - 20 Jul 2015 07:59 - 133 of 293

20 July 2015
ASX: OEX
AIM: OEX


Capital Raising - Update

On 7 July 2015, the Company announced that it was undertaking a capital raising package to secure approximately A$30 million (before costs) (Capital Raising). A component of the Capital Raising included approximately A$9.4 million through the issue of 225,490,196 Shares to Zeta Resources Limited (Zeta Deferred Shares) at A$0.04182 per Share.

As announced on 8 July 2015, Oilex is seeking Shareholder approval at a General Meeting on 12 August 2015 for the issue and allotment of the Zeta Deferred Shares within five (5) months after the General Meeting, this required the Company to seek an ASX waiver of Listing Rule 7.3.2 which stipulates all shares must be issued no later than three (3) months after the date of the General Meeting.

The Company has been notified this waiver will not be granted.

Subject to shareholder approval, the Company will now proceed to issue and allot the Zeta Deferred Shares within three (3) months after the date of the General Meeting in accordance with Listing Rule 7.3.2

For and on behalf of Oilex Ltd

Ron Miller
Managing Director

http://www.moneyam.com/action/news/showArticle?id=5078478

banjomick - 21 Jul 2015 07:52 - 134 of 293

21 July 2015
ASX: OEX
AIM: OEX


Cambay Field: Production Update

· Cumulative gas sales of 5.12 MMscf from Cambay-73 for 22 days to 17 July 2015

· Cambay-73 operating at 100% availability

· Average daily gas demand in low pressure network has increased from ~250Mscfd to ~320Mscfd

· Cumulative total oil/condensate production of 336 bbls during same period

Oilex Ltd is pleased to provide an update from the Cambay Field subsequent to the commencement of gas sales from Cambay-73 into the low pressure network. Cambay-73 averaged ~ 54boepd during 22 days from 26 June 2015. Cambay-73 has achieved 100% operational availability during this period. Its condensate to gas ratio (CGR) is calculated to be 58bbls per MMscf, which is 26% higher than the CGR used in the Independent Reserves Report from RISC Operations Pty Ltd. If sustained over time and in other wells, this may have a positive impact on the condensate/light oil included in the Reserves. Please refer to the Oilex Announcement of 16 April 2015 for details of Oilex's independently classified Reserves and Resource base which includes 2P gas Reserves of 206 Bcf and 2P oil Reserves of 8 MMbbls.

Since the introduction of gas from the Cambay Field into the local low pressure network, the average daily demand has increased by 28% to approximately 320Mscfd. In light of the increasing local gas demand, the Joint Venture is considering some operational efficiencies to better service the market and encourage further demand growth.

Managing Director of Oilex, Ron Miller, said;

"Ongoing gas production from Cambay-73 and increasing demand for domestically produced and competitively priced gas continues to support Oilex's objective of achieving positive cash flow from operations in India during 2015. The availability performance of the Cambay-73 facilities to meet daily demand is particularly pleasing. Oilex remains focused and today's news demonstrates that it continues to deliver on its plan of production, near-term cash flow and reserves growth to create a sustainable business in the midst of a robust and supportive domestic market."

Shareholder and Investor Conference Call

To discuss the recently announced Capital Raise transaction and Oilex's exciting upcoming work programme, the Company is pleased to invite investors to a conference call with the Managing Director and Chief Financial Officer at 4pm (WST) / 9am (BST) on 23 July 2015. Details can be obtained from

· Maura Hinds at oilex@oilex.com.au / +61 8 9485 3200 in Australia or

· Alex Aleksandrov at alex.aleksandrov@vigocomms.com / +44 207 016 9598 in the UK.

For and on behalf of Oilex Ltd

Ron Miller

Managing Director

http://www.moneyam.com/action/news/showArticle?id=5079279

banjomick - 21 Jul 2015 10:04 - 135 of 293

Oilex is meeting rising demand for Cambay’s gas
Jamie Ashcroft
08:15 21 Jul 2015

Cambay benefits from rising demand and premium gas prices

757z468_oilex%2C_Cambay_facilities.png
Oilex aims to be cash flow positive from operations in India later this year


Oilex (LON:OEX) has told investors that the availability of the Cambay-73 well, which began production recently, continues to meet daily demand from gas customers locally in India’s Gujarat State.

The company revealed that Cambay-73 averaged 54 barrels oil equivalent per day in the 22 days since production began in June. It has been operationally available 100% of the time.

It was also noted that the well’s condensate-to-gas ratio (CGR) equated to 58 barrels per million cubic feet, which Oilex says is about 26% better than the assumptions in a prior independent assessment of the project.

Should this level be maintained over longer period of time, and be replicated in other well, the company believes it may have a positive impact on the condensate and light oil volumes included in the field’s reserves; which currently amount to 206bn cubic feet of gas and 8mln barrels of oil.

Local economics, and strong gas demand, mean the company achieves a premium price compared to international markets.

Oilex says demand for gas continues to grow in the region, and since Cambay came online it has risen by about 28% to 320,000 cubic feet per day.

"Ongoing gas production from Cambay-73 and increasing demand for domestically produced and competitively priced gas continues to support Oilex's objective of achieving positive cash flow from operations in India during 2015,” said chief executive Ron Miller.

“The availability performance of the Cambay-73 facilities to meet daily demand is particularly pleasing.

“Oilex remains focused and today's news demonstrates that it continues to deliver on its plan of production, near-term cash flow and reserves growth to create a sustainable business in the midst of a robust and supportive domestic market."

69060_163846843643689_7687549_n.jpg?oh=f


banjomick - 27 Jul 2015 23:14 - 136 of 293

Oilex’s US$23mln will kick start Indian exploration

Oilex is tipped to deliver substantial volume and cash flow growth over the next five to six years.

Stewart Dalby
10:34 27 Jul 2015

These are exciting times for Oilex (LON:OEX). The company’s recently announced a major US$23mln recapitalisation should be a significant step forward in a game-changing process for the ASX and AIM-quoted junior.

Oilex’s chief executive officer (CEO) Ron Miller said: “Proceeds of the share sale will be used to fund a ‘transformational’ work programme over the course of 2015 and 2016.”

London broker Westhouse’s oil and gas analyst Mark Henderson said that following the fund-raise and the earlier ‘proof of concept’ well success at the Cambay field, he now expects Oilex will deliver substantial volume and cash flow growth over the next five to six years.

He predicts Oilex can grow gross production from a standing start to 60,000 barrels of oil equivalent within this timeframe.

The proof of concept well Henderson refers to is the Cambay-77H well on the Cambay field in Gujarat state in energy-starved India.

This well came good last year. Cambay-77H was spudded in March 2014 and production testing was successfully completed late in 2014 with 43mln standard cubic feet of gas (mmscf) and 3,372 barrels of oil (bbls) sold to a local refinery.

It was a breakthrough well because it was unconventional and proved for the first time that fracking (fracture stimulation) and horizontal drilling could work in India.

This success followed a major drilling disappointment in 2012 that cast Oilex into a wilderness of a share price collapse and shareholder disenchantment.

The latest fund-raise involves an initial US$1.4mln (A$1.8mln) share placing to sophisticated investors that will provide a quick injection of capital.

A subsequent US$16.3mln (A$21.mln) transaction will see ASX-listed Zeta Resources take a 19.6% stake in an enlarged Oilex. Meanwhile existing investors also have the opportunity to subscribe for new shares via an underwritten US$5.3mln (A$7mln) rights issue.

New shares sold via the share placings are being priced at 2p (or 4.1 cents) whereas the rights issue works out a little bit more at 2.04p at a share.

The Cambay field was discovered and developed initially by Oil and Natural Gas Corporation of (ONGC) of India in 1957-58 and enjoyed modest production success before being shut-in in 1991.

Oilex became involved with Cambay in 2005 and by 2007 it held a 45% in the field stake and was the operator in a joint venture (JV) with the Gujarat State Petroleum Corporation (GSPC) which held the remaining 55%.

Oilex and GSPC completed five vertical wells and two vertical fracture programmes on the project.

Again, there was only modest production success, mostly from the first well, Cambay-73. This well’s target was the shallow Miocene basal sandstone.

But Oilex’s CEO at the time, Bruce McCarthy, believed the deeper tight Eocene zones could, with the aid of horizontal drilling and multi-stage fracking techniques that have revolutionised shale drilling in North America, yield many more barrels than were forthcoming from Cambay-73.

After indifferent results from the Cambay 74 and Cambay 75 wells the group decided to go for its first ‘proof of concept’ well and, in fact, the first horizontally drilled and fracked well in India, with the Cambay- 76H well.

McCarthy was ahead of his time. The well threw up a number of complications. Technical problems led to the well being suspended in May 2012. There was much talk that it was all very well fracking in the flat plains of Texas in the US but clearly more complicated in India. American geologists seemed to have a definite advantage in knowing about how fracking could work.

Miller, who is an American, became a director of Oilex in 2009 and eventually CEO in 2013. He determined he would bring some American fracking expertise to Oilex’s operations and the success of Cambay-77H was the result.

So, what are the next steps? A recent independent reserves report estimated that the Cambay project had some 43.3mln barrels of oil equivalent (mmboe) which could be classified as proven and probable (2P) as well as about 177mmboe contingent resources.

The joint venture partners are fully funded to get cracking on their work programme, which includes two firm new wells, two contingent wells and five work-over wells.

Andrew Sinclair, the oil and gas analyst at PAC Partners, says in a recent note that now that processing facilities at Cambay-73 have been completed the vertically drilled well will be put back into production at a rate of between 50 to 60 barrels of oil equivalent per day (boepd).

Also in the current quarter the Cambay-77H well will be tied-in to the low pressure gas pipeline. The work-over of existing wells will start in the fourth quarter (Q4) 2015.

The first of the new wells Cambay -78H will be spudded (the start of drilling) in Q4 2015 as will the second new well Cambay Cambay-80H.

All this should mean Oilex exits 2015 with production of 400 boepd, before output really starts ramping up in late 2016. Sinclair agrees that Oilex should be producing a multi-thousand barrels of oil equivalent within the next few years but, unlike Henderson at Westhouse, feels output over the period will amount to 90,000 boe rather than 60,000 boe (360mmcf gas).

Most of this will be gas, which is handy for cash flow as there is a strong local market. India is the world’s fourth largest energy consumer. Gujarat is an industrialised state with existing energy infrastructure and strong local demand for gas.

A gas deficit (India imports 30% of its gas) ensures that OiIex will achieve a price premium for the gas it delivers at around US$8 + per million British thermal units (mmBtu) versus a government pricing policy of US$5 per mmBtu.

The cost of imported liquefied natural gas (LNG) is US$8.50 to US$10 per mmBtu, effectively providing a floor price for domestic gas sales.

PAC says Oilex’s shares are very high risk, but has set a risked net asset value (NAV) based target price of A$0.09 (4.28p). This is more than double the current share price of A$0.04 (1.90p).

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banjomick - 28 Jul 2015 07:56 - 137 of 293

28 July 2015

Dear Shareholder,

Capital Funding Program



I am writing to you about your Company's announcement on 7 July 2015, regarding a capital funding program which is currently in progress. You should have recently received a Notice of Meeting for a General Meeting of Oilex shareholders to be held on 12 August 2015, as well as an Offer Booklet pertaining to a fully underwritten rights issue for eligible shareholders. The General Meeting and the rights issue are components of a A$30 million capital funding program by Oilex to fund its 2015/16 work programme in India, minimum work commitments in the Canning Basin and working capital. This growth opportunity is underpinned by the recent Independent Reserve Classification of gross proven plus probable (2P) reserves of 206 Bcf of natural gas and 8 million bbls of condensate (light oil) in the Cambay Field, India.


The major part of the fundraising requires your voting support. The Board believes that the resolutions to be proposed at the General Meeting are in the best interests of the Company and Shareholders as a whole. Accordingly, the Directors unanimously recommend that all Shareholders vote in favour of the resolutions, as they intend to do so, in respect of their own beneficial shareholdings. The purpose of this letter is asking you to vote in favour of the resolutions proposed by your Board as set out in the Notice of Meeting.

It is important to understand why this transaction is very much in your interest and the interests of all stakeholders as Oilex progresses its transformation into a sustainable business based upon production, cash flow and reserves growth at the Cambay Project in Gujarat State, India. Your Board has reviewed a range of different funding structures and opportunities before selecting a structure of a two Tranche Placement and fully underwritten renounceable one (1) for four (4) rights issue for existing Shareholders to secure the requisite funding package totalling A$30 million. At the time of writing this letter, Tranche 1 is complete and the fully underwritten rights issue is in progress and is expected to be completed before the General Meeting.

Oilex has recently announced its first local market gas sales from our Cambay Field in India, a significant milestone for the business towards growing revenue and essential to being operationally cash flow positive in India, a key corporate milestone for 2015. In addition to Cambay-73, other gas production wells coming online during 2015 will include Cambay-77H and Bhandut-3. India has a fast growing economy where natural gas attracts a premium price and the demand is strong, which should allow Oilex to quickly expand its business.


The fundraising will facilitate the following approved work programmes:

· Cambay Field

o Drilling and completion of two horizontal multistage production wells (Cambay-78H and Cambay-80H)

o Workover operations on five existing wells

o Engineering studies for, amongst other things, a larger development of 50MMscfd gas production on plateau

· Bhandut Field

o Gas production facilities to support gas sales from Bhandut-3 well

· Canning Basin - Wallal Graben Play Fairway

o Technical work to develop a leads and prospects portfolio to facilitate a farm-out

It is anticipated that the successful delivery of the Cambay Field 2015/16 work programme will be a transformational event for Oilex as we deliver significantly enhanced commercialisation of our hydrocarbon reserves.


By voting to support the fundraising process either by Proxy or in person at the General Meeting on 12 August, you will ensure that your Company has the necessary funds available to undertake its growth plans and create sustainable value for all Shareholders and Stakeholders.

Thank you for your ongoing support and we look forward to growing our Company together.

For and on behalf of Oilex Ltd

Ron Miller

Managing Director

http://www.moneyam.com/action/news/showArticle?id=5083450

banjomick - 28 Jul 2015 15:08 - 138 of 293

Oilex Urges Shareholders To Vote In Favour Of Large Fundraising
Alliance News 28 July, 2015

LONDON (Alliance News) - Oilex Ltd Tuesday said it has written to shareholders ahead of a general meeting to be held in August urging them to vote in favour of the company's proposed fundraising to allow it to progress its work programme in India.

The India-focused company has already completed the issue of 45.0 million new shares in the company at AUD0.041 per share to "sophisticated investors" to raise a total of AUD1.8 million, which did not require shareholder approval.

Shareholders are voting on the company's larger capital raising announced earlier in July, which will comprise of a placing to raise another AUD21.2 million and a rights issue for a further AUD7.0 million to reach the ultimate AUD30 million target.

That second placing will consist of a further 287.3 million new shares at AUD0.041 per share and another 225.5 million new shares at AUD0.0418 per share to raise a combined AUD21.2 million, roughly USD16.3 million.

Under that second tranche, the 225.5 million new shares at AUD0.0418 will be issued to Zeta Resources Ltd. Zeta is paying the higher price in consideration of a deferred settlement date for those shares of up to five months from the general meeting where shareholders will vote on the second tranche.

On completion of the capital raising, if approved, Zeta will hold approximately 19.6% of the expanded shares in issue. Zeta is an active, resources focused holding and development company listed on the ASX, and is 85% owned by Utilico Investments Ltd.

The company also will separately undertaking a renounceable rights issue to all eligible shareholders to enable shareholders to have the opportunity to participate in the capital raising process at the same price as the first tranche at AUD0.041 per share.

That rights issue is fully underwritten and expected to raise a further total of AUD7.0 million, or USD5.3 million, via the issue of 169.5 million new shares on the basis of 1 new share at AUD0.041 for every 4 shares currently held by shareholders.

The total AUD30 million capital raising will be used for the company's work programme at the Cambay oilfield in India during 2015 and 2016. The 2015/16 work programme in India includes two horizontal multistage fracture stimulated production wells and five workovers of legacy wells.

On Tuesday, Oilex said it recommends all shareholders vote in favour of the proposals.

"The major part of the fundraising requires your voting support. The board believes that the resolutions to be proposed at the general meeting are in the best interests of the company and Shareholders as a whole. Accordingly, the directors unanimously recommend that all Shareholders vote in favour of the resolutions," said Oilex.

"By voting to support the fundraising process either by Proxy or in person at the general meeting on August 12, you will ensure that your company has the necessary funds available to undertake its growth plans and create sustainable value for all Shareholders and Stakeholders," it added.

Oilex said it was "important to understand" why the company is progressing with its proposals and said it was integral for the company to transform into a sustainable business from its Cambay project. Oilex said it reviewed "a range of different funding structures and opportunities" before it committed to its current plans.

The general meeting will be held on August 12.

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banjomick - 29 Jul 2015 07:53 - 139 of 293

29 July 2015
ASX: OEX
AIM: OEX

Presentation to DUG Australia

Oilex Ltd advises that a copy of an Oilex Presentation dated July 2015 can be viewed by clicking on the below link.

http://www.rns-pdf.londonstockexchange.com/rns/3753U_-2015-7-29.pdf



http://www.moneyam.com/action/news/showArticle?id=5084341

banjomick - 03 Aug 2015 23:59 - 140 of 293

Just catching up............Link at BOP for full announcement:

RNS Number : 6766U

Oilex Ltd

31 July 2015

Highlights

CAMBAY PSC, ONSHORE GUJARAT, INDIA

· Maiden Reserves achieved for the Cambay Field

o Gross 2P Reserves of 206 Bcf gas and 8.0 MMbbls of condensate (C5+) in the Y zone
(Oilex net working interest 93 Bcf gas and 3.6 MMbbls of C5+)

o Gross 3P Reserves of 377 Bcf gas and 17.3 MMbbls of condensate (C5+) in the Y zone
(Oilex net working interest 170 Bcf gas and 7.8 MMbbls of C5+)

o Gross 2C Unrisked Contingent Resources of 720 Bcf gas and 52.8 MMbbls of C5+ in the X and Y zones
(Oilex net working interest 324 Bcf gas and 23.8 MMbbls of C5+)

· 2P Reserves validate Oilex's programme for commercial development of the Cambay Field

· Establishment of Reserves provides a strong foundation for the expedited development of the Cambay Field to achieve key corporate objectives of increasing reserves, production and cashflow

· Cambay-73 production facilities completed, with gas sales commenced in June 2015 and Cambay-77H production expected to commence during August 2015

· Targeting cash flow positive operations in India by the end of 2015

BHANDUT FIELD, ONSHORE GUJARAT, INDIA


· During the quarter scope of works was completed and the tendering process was initiated and completed for the construction of the gas production facility. Bids received have been technically and commercially evaluated. Bhandut-3 production anticipated to commence in September 2015.

CORPORATE

· Subsequent to the end of the quarter, Oilex announced a two tranche placement and underwritten rights issue to raise US$23 million (A$30 million) (Capital Raising)

§ First tranche placement completed to raise US$1.4 million (A$1.8 million)

§ Fully underwritten rights issue to raise US$5.3 million (A$7.0 million), in progress

§ Second tranche placement completed to raise US$16.3 million (A$21.2 million), subject to shareholder approval at a General Meeting to be held on 12 August 2015

· Upon successful completion of the Capital Raising, Oilex will be fully funded to deliver the Cambay Field 2015/16 work programme, a transformational event for the Company

http://www.moneyam.com/action/news/showArticle?id=5086400

banjomick - 04 Aug 2015 00:02 - 141 of 293

31 July 2015

ASX: OEX
AIM: OEX

Notification of Rights Issue Shortfall



Oilex Ltd advises that the recent 1 for 4 renounceable Rights Issue closed on 28 July 2015. The results of the Rights Issue is as follows:


Total number of Shares under the Offer...............169,476,510
Total number of Shares applied for.......................16,235,098
Shortfall number of Shares................................153,241,412


The shortfall for the Offer is $6,282,898 and the shares will be allocated in accordance with the terms outlined in the Offer Booklet.

Yours faithfully,

Chris Bath

Chief Financial Officer and Company Secretary

http://www.moneyam.com/action/news/showArticle?id=5086578

banjomick - 04 Aug 2015 00:04 - 142 of 293

3 August 2015
ASX: OEX
AIM: OEX

Update on Underwritten Rights Issue



Oilex Ltd (Oilex or the Company) is pleased to provide an update on the result of the previously announced Underwritten Rights Issue, and announces changes to the second tranche of the previously announced Placing.

As announced on 31 July 2015, 16,235,098 Rights Issue Shares have been taken up by shareholders, resulting in a shortfall in the Rights Issue of 153,241,412 shares. Under the terms of the underwriting agreement in respect of the Rights Issue, and as disclosed in the Company's announcement of 17 July 2015 (paragraph 5.7 of the Offer Booklet), as the share price of Oilex has, during the offer period, fallen below the A$0.041 Rights Issue offer price, a potential termination event has been triggered whereby the underwriter has the right to terminate the underwriting agreement.

In light of this development, the Company has taken steps to seek alternative participants for part of the Rights Issue shortfall. Accordingly, Zeta Resources Ltd (Zeta) has agreed to take up 62,011,067 shares by way of placement out of the Rights Issue shortfall at the Offer Price of A$0.041, for a total consideration of approximately A$2.55 million (£1.24 million, US$1.95 million) and will receive a fee of 6% that would otherwise have been paid to the underwriter. On this basis, the underwriter has agreed not to invoke its termination right under the underwriting agreement, and the underwriter (or its nominees) will take up the remaining Rights Issue shortfall.

As announced on 7 and 8 July 2015, Zeta's participation in the second tranche of the Placing will be settled in 2 tranches. As a result of Zeta's take up of Rights Issue shortfall shares as outlined above, and in order that it and its associates do not breach relevant Australian takeovers laws (under which, broadly, a person may not acquire shares if that would cause their and their associates' voting power to exceed 20%), Zeta has agreed that its second tranche investment will now proceed as follows (subject to approval of the resolutions proposed at the Company's General Meeting convened for 12 August 2015):

· 50,000,000 new ordinary shares will be placed with Zeta at a price of A$0.041 (2 pence) per share, to be settled immediately following the General Meeting;

· a further 124,019,608 (previously 225,490,196) new ordinary shares will be placed with Zeta at a price of A$0.0418 (2.04 pence) per share, to be settled by no later than 12 November 2015. These shares will be issued out of the authorisation to be sought at the General Meeting (covering 225,490,196 shares); and

· in lieu of the remaining shares originally envisaged to be issued to Zeta, (being 101,470,588 shares) the Company will issue A$4,243,500 (approximately £2.07 million) of 20 year, zero coupon unsecured convertible loan notes to Zeta, which will be convertible into shares at Zeta's option at any time, subject to compliance with Australian law, at a conversion price of A$0.0418 per share. The issue of these convertible notes will occur contemporaneously with the issue to Zeta of the 124,019,608 new ordinary shares referred to above. These convertible notes will be issued pursuant to the Company's placement capacity under Listing Rule 7.1 (as refreshed at the General Meeting). To the extent that the convertible notes are not converted, they will be redeemable on 30 June 2035 or such later date as agreed with Zeta. The Zeta Convertible Notes will have the right to participate in rights issues and other pro-rata issues on an "as converted" basis, subject to compliance with law.

Upon completion of the Rights Issue and Tranche 2 placing, Zeta and associates will hold approximately 275 million ordinary shares, representing approximately 19.6% of the Company's enlarged share capital (on an undiluted basis). Zeta will also hold A$4,243,500 of unsecured convertible notes, convertible into 101,470,588 ordinary shares.

The remaining portion of the second tranche of the Placing will proceed as previously announced and the Placing timetable remains unchanged. Given their relevance to the matters to be considered at the General Meeting, shareholders will be notified of the above changes by letter in the coming days.


Managing Director of Oilex, Ron Miller, said;

"The financial support by Zeta not only in the second tranche, but now the Rights Issue shortfall is very pleasing and demonstrates their commitment to Oilex's business plan. This plan is focussed on production and cashflow from the recently independently assessed Reserves at our Cambay Field in India. We are delighted that the Rights Issue will successfully complete, leading to a General Meeting on 12 August 2015 where shareholders will have the opportunity to approve the second tranche of the Placing."

Yours faithfully,

Ron Miller
Managing Director

http://www.moneyam.com/action/news/showArticle?id=5087570

banjomick - 04 Aug 2015 07:53 - 143 of 293

04 August 2015

Dear Shareholder,

Capital Funding Program and General Meeting



I am writing to you with an update regarding your Company's capital funding program announced on 7 and 8 July 2015 and to give you some further updated information relevant to the resolutions to be voted on at the General Meeting of Oilex shareholders to be held on 12 August 2015 (General Meeting), as contained in the Notice of Meeting dated 7 July 2015.

The Company made an announcement on 3 August 2015 which contains details of the changes to the capital funding program. Broadly, Zeta Resources Limited (Zeta) has agreed to take up 62,011,067 shares by way of a placement out of the shortfall of the Company's recent rights issue and will receive a fee of 6% that would otherwise have been paid to the underwriter. On this basis, the rights issue is able to proceed to completion (with the remainder of the rights issue shortfall to be taken up by the underwriter or its nominees).

Full announcement via link below:

http://www.moneyam.com/action/news/showArticle?id=5088434

banjomick - 05 Aug 2015 07:58 - 144 of 293

05 August 2015
AIM: OEX

Issue of Shares under Rights Issue and Expiry of Unlisted Options



Oilex Ltd (Oilex) has today issued 16,235,098 ordinary shares at an issue price of $0.041 per share following receipt of acceptances in accordance with the terms of the Rights Issue.

The Company advises that application has also been made for the admission to trading on AIM and it expects the shares to be admitted to trading on AIM on 11 August 2015.



Expiry of Unlisted Options

Oilex also advises the cancellation of 75,000 employee options that have expired.

http://www.moneyam.com/action/news/showArticle?id=5089334

banjomick - 06 Aug 2015 07:52 - 145 of 293

06 August 2015
AIM: OEX

Issue of Shares under Rights Issue


Oilex Ltd has today issued 153,241,467 ordinary shares at an issue price of $0.041 per share following placement of the Rights Issue shortfall.

The Company advises that application has also been made for the admission to trading on AIM and it expects the shares to be admitted to trading on AIM on 12 August 2015.

For and on behalf of Oilex Ltd

http://www.moneyam.com/action/news/showArticle?id=5090086

banjomick - 12 Aug 2015 07:52 - 147 of 293

12 August 2015
ASX: OEX
AIM: OEX

Notice of change of interests to substantial shareholder

Please refer to the attached Form 604.

http://www.rns-pdf.londonstockexchange.com/rns/7983V_-2015-8-12.pdf
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