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

8 June 2016
ASX: OEX
AIM: OEX

Zeta Legal Proceedings Settlement

As previously announced, Oilex Ltd (Oilex or the Company) has been engaged in discussions with Zeta Resources Limited (Zeta) to explore options for a commercial resolution of the legal proceedings between the parties.

Oilex is pleased to announce that it has now reached agreement with Zeta that ends the legal proceedings between the parties. The terms of the settlement are that each party will no longer pursue its claim against the other, with the legal proceedings to be dismissed on a no admission of liability basis. Oilex has also agreed to make a payment to Zeta on account of costs of the litigation of $490,000.

In reaching this settlement with Zeta, Oilex has taken into account the significant costs and inherent uncertainty of litigation, and the substantial time commitments and distraction that the litigation presents for the board and management.

Managing Director of Oilex, Joe Salomon, said;

"Reaching this settlement means Oilex can focus fully on advancing its operations, which is in the best interests of all shareholders. Oilex looks forward to progressing the Cambay Joint Venture and the other assets in the Oilex portfolio and will keep shareholders informed as matters progress."

http://www.moneyam.com/action/news/showArticle?id=5356255

Link to the March 2016 Quarterly Report published 29tth April:

https://www.oilex.com.au/docs/default-source/reports---quarterly/160429-march-2016-quarterly-report.pdf?sfvrsn=0

10 June 2016
ASX: OEX
AIM: OEX

Appointment of Chief Financial Officer and Company Secretary

Oilex Ltd is pleased to announce the appointment of Mr Mark Bolton as Chief Financial Officer (CFO) and Company Secretary, with effect from 10 June 2016.

Mark has worked as CFO and Company Secretary for a number of resource companies since 2003. Prior to that he worked with Ernst & Young stepping down as Executive Director in Corporate Finance. Mark has a Bachelor of Business Degree in Accounting and Finance. His strengths are in the commercial management and financing of resource projects internationally. Coupled with this, he has extensive experience in capital and equity markets in a number of jurisdictions including ASX and AIM.

Managing Director of Oilex, Joe Salomon, said:

"We are delighted to announce Mark's appointment. He comes very highly recommended based on his recognised strong performance and achievements and the Board welcomes him to the senior management team. We look forward to his contribution to our business as we progress the development of our existing assets and as we review additional opportunities for growth. I would also like to thank Cathal Smith for his contribution as interim Company Secretary".

http://www.moneyam.com/action/news/showArticle?id=5358219

24 June 2016
ASX: OEX
AIM: OEX

Oilex Corporate Update

· Oilex maintains focus on unlocking Cambay's multi TCF onshore gas resource potential

· Plans for new EP-III/IV vertical well underway

· Cambay Resource Update


Oilex Ltd (the Company) reaffirms its commitment to unlocking the multi TCF in-place tight gas potential in its onshore Cambay Block, Gujarat state India. The Company is at an advanced stage in completing a detailed working plan to take the Cambay project forward and the results to date support a vertical well targeting recovery of core from the Eocene siltstone (EP-IV or Y Zone).

A vertical well, will seek to obtain core samples from the EP-IV Zone reservoir for drill and fraccing optimisation studies. This is essential prior to drilling a horizontal extension for potential later fraccing and exploitation of the Eocene siltstones. The well will also have the potential to test the shallower, productive, OS-II conventional reservoir or may be later used to frac and test the EP-IV based on results of the core. The detailed planning for this well is still being finalised and is subject to JV/Budget approvals. This approach allows the Company to take advantage of the lower cost vertical well drilling rates in India at present.

Financing


As at 31 May 2016, the Company's cash resources were approximately A$6.3 million.

The Company continues to engage with its joint venture partner Gujarat State Petroleum Corporation (GSPC) to resolve outstanding cash calls and gain approval of the 2016/2017 work programme and budget. The resolution of these matters is essential for the Company to extract maximum value from the Cambay Field. Various approaches to progress work at Cambay are being considered.

Whilst the working plans for the field are being finalised and approved, Oilex as operator, continues to bear the ongoing costs of the joint venture.

Production Update

Production from the block for the month of May was approximately 42 boepd (gross) with the bulk of production coming from the Cambay-77H EP-IV reservoir. Both Cambay-73 and Cambay-77H have been shut-in while awaiting government approval for the continued production of test gas from these wells.

Production at Bhandut-3 well averaged ~120 boepd in May. The field is being closely monitored while an extension of the permitted production plan is being approved. While tubing head pressure at the well has been maintained, some formation water has been identified with the gas.

Resources Update


In April 2015, the Company tabled the reserve and contingent resource volumes associated with the EP-III/IV (X and Y Zones) resulting from the review undertaken by third party certifier, RISC. Since that time, a number of key factors have changed including:

i) a change in economic assumptions related to lower gas prices being realised because of the world wide fall in oil and gas prices;

ii) Oilex's joint venture partner's lack of approval of ongoing work;

iii) the resultant deferral in project timing which pushes the recovery of reserves to beyond the current term of the PSC. Note that the Company can apply for two PSC extension periods of 5 years each.

On this basis, RISC has recommended that the reserve volumes be re-classified to contingent resource. It should be noted that the volume of hydrocarbons has not been amended. The updated recoverable hydrocarbon volumes are tabulated below:

***See Link for full Details***

Table shows Oilex Net Working Interest (45%) Reserves and Contingent Resources

Reserves in Y Zone have been reclassified Contingent Resources

Refer to ASX announcement 16/04/2015 for further details

Commenting on the update Mr Salomon said "Last week's agreement with Zeta Resources Limited to end legal proceedings between the parties has provided Oilex with a clearer path forward and was a key priority for us. The revitalised management team can now gather momentum on the path to the potential development of Cambay that reflects what was learned from the previous wells. We look forward now to resolving issues with GSPC and progressing work at Cambay".

http://www.moneyam.com/action/news/showArticle?id=5366364

27 June 2016
ASX: OEX
AIM: OEX

Investor Presentation - June 2016


Oilex Ltd advises that a copy of an Oilex Investor Presentation dated June 2016 can be viewed by clicking on the below link.

http://www.rns-pdf.londonstockexchange.com/rns/2809C_-2016-6-27.pdf

http://www.moneyam.com/action/news/showArticle?id=5366921

28 June 2016
ASX: OEX
AIM: OEX

Expiry of Unlisted Options

Oilex Ltd wishes to advise that 500,000 employee options with an exercise price of $0.15 and an expiry date of 27 June 2016 have expired unexercised.

Attached is an Appendix 3B.

http://www.moneyam.com/action/news/showArticle?id=5367737

29 JULY 2016

OILEX LTD - JUNE 2016 QUARTERLY REPORT

http://www.moneyam.com/action/news/showArticle?id=5387942

Oilex reaffirms commitment to Cambay Block project
10:55 29 Jul 2016

In its quarterly results highlights for the June, the resources exploration group said it was close to executing a detailed strategy to take the Cambay project forward.



Oilex Ltd (LON:OEX) reaffirmed its commitment to unlocking the multi TCF in-place tight gas potential at its onshore Cambay Block project in India.

In its quarterly results highlights for the June, the resources exploration group said it was close to executing a detailed strategy to take the Cambay project forward.

It said the results to date supported a vertical well with the dual objective of targeting recovery of core from the Eocene siltstone and developing the un-depleted OS-II reservoir zone.

Gas sales from Cambay-77H continued with an average gas production rate for the quarter of 26 boepd (net 12 boepd) and with an average associated condensate & oil rate of 6 bpd (net 3 bpd).

Negotiations continued with the group’s joint venture partner to address payment of outstanding cash calls, contributions to programmed activities and approval of the annual budget resulting in delays to planned activities.

The joint venture and Indian authorities approved the work programme & budget for the Bhandut Field for the Indian financial year starting April 2016.

Test Gas Production at the group’s Bhandut-3 well, which commenced in April, 87 boepd (the 35 boepd) and with an average associated condensate rate of 18 bpd (net 7 bpd).

During the quarter, the joint venture partner released US$302,000 towards payment of outstanding cash calls for the Indian financial year.

During the quarter Oilex reached a settlement with Zeta Resources Limited that ended legal proceedings between the parties.

The cash balance stood at US$5.2mln.

Josh Allsopp

17 October 2016
 
ASX: OEX
AIM: OEX
 
Oilex Reaches Agreement with GSPC on Cambay-78 Well
 
Oilex Ltd (the Company) is pleased to announce it has executed an agreement with its Joint Venture partner, Gujarat State Petroleum Corporation Limited (GSPC) in the Cambay Field Production Sharing Contract (PSC) on the next planned vertical well in the Cambay Field (Well C-78). The signing of the agreement is a key milestone towards the proposed drilling of Well C-78, unlocking value and possibly securing an extension to the Cambay Field PSC term.
 
In addition to testing the shallower OS-II zone, the well is designed to obtain core samples for the EP-IV zone reservoir which are needed for future drilling, completions and stimulation optimisation. The Company has an independently verified multi-TCF resource in the EP-III/IV reservoirs at Cambay.
 
As a result of the agreement, GSPC and Oilex have agreed that Oilex will drill, test, complete, commission and, subject to successful operations, commence commercial production from the proposed Well C-78. Oilex will be solely liable for all expenditure associated with Well C-78, and, subject to GSPC exercising its back in right, Oilex will be entitled to sell 100% of production and receive 100% of revenue from Well C-78.
 
GSPC shall be entitled to back in to Well C-78 within 365 days from the commencement of commercial production from Well C-78 by written notice to Oilex. If GSPC elects to exercise its back in right, it will pay to the Company 55% of any unrecovered expenditure, plus a small mark-up. If GSPC does not exercise its back in right within the 365 day period, Well C-78 will continue to be ring fenced for the exclusive benefit of Oilex for the balance of the PSC term and any extension thereto. Oilex has also agreed to impose limits on recoverable expenditure for operating costs should the well commence commercial production. The limits are consistent with the Company's expected operating costs for Well C-78.
 
Except for the above, all other activities associated with Well C-78 will be undertaken in accordance with the Joint Operating Agreement (JOA) terms and conditions. The parties have also undertaken to fast-track any required consents and or approvals required under the JOA to effect Well C-78.
 
The Company considers the successful execution of Well C-78 is required to progress towards the potential development of the multi-TCF unconventional gas opportunity at the Cambay Field. The drilling of Well C-78 is also essential for the Company to prepare and submit a Field Development Plan to the Government of India by September 2017 to obtain an extension to the PSC term. The current PSC term expires on 23 September 2019.
 
Commenting on the Agreement, Managing Director Jonathan Salomon said the Company was pleased to have to have reached an agreement with its Joint Venture partner to progress the drilling of Well C-78.
 
"This reflects a significant milestone in the ability of Oilex to unlock the Cambay Field potential and assist in potentially securing an extension to the PSC term" he said. "The agreement reinforces our determination to add value for shareholders by progressing the development of this key asset."

http://www.moneyam.com/action/news/showArticle?id=5432681

24 October 2016
 
ASX: OEX
AIM: OEX
 
Notice of Annual General Meeting
 
Oilex advises that its Annual General Meeting, which will be held at The Park Business Centre, 45 Ventnor Avenue, West Perth, Western Australia on Wednesday 23 November 2016 at 10.00am.
 
The Notice of Annual General Meeting, including an Explanatory Memorandum and Proxy Form, has been dispatched to shareholders today, together with the 2016 Annual Report.

http://www.moneyam.com/action/news/showArticle?id=5436503

24 October 2016
 
ASX: OEX
AIM: OEX
 
2016 Annual Report to Shareholders
 
Oilex Ltd (the Company) advises the Annual Report for the year ended 30 June 2016 is available and will be despatched to shareholders shortly.
 
A copy of the Oilex Annual Report for year ended 30 June 2016 can be viewed by clicking on the link below.
 
http://www.rns-pdf.londonstockexchange.com/rns/2794N_-2016-10-24.pdf

http://www.moneyam.com/action/news/showArticle?id=5436519
 

24 October 2016
 
OILEX LTD - SETEMBER 2016 qUARTERLY rEPORT
HIGHLIGHTS

http://www.moneyam.com/action/news/showArticle?id=5436564

23 November 2016

Waiver of ASX Listing Rule 10.13.5
 
Oilex Ltd refers to its announcement of 24 October 2016 in relation to its 23 November 2016 Annual General Meeting Notice of Meeting.
 
The Company applied to the ASX for a waiver of Listing Rule 10.13.5 in relation to Resolution 3 Approval of Managing Director Special Funding and Retention Awards.
 
Pursuant to Listing Rule 10.13.5 the issue price of the securities must be included in the Notice of Meeting (Notice).
 
The Company is pleased to advise the ASX on 18 November 2016 granted the requested waiver to permit the Notice to approve the issue of $100,000 worth of ordinary shares (Award Shares) to the Managing Director, Mr Jonathan Salomon, without an issue price, subject to the following conditions:
 
1.1          The Notice states that the number of Award Shares to be issued to Mr Salomon will be calculated based on the volume weighted average price of the underlying shares for the 20 business days on which the shares traded prior to the date of the Company's Annual General Meeting (AGM).
 
1.2          The Company announces the issue price of the Award Shares prior to the AGM.
 
The Company has calculated the issue price of the Award Shares at $0.0077 and accordingly 12,987,013 Oilex ordinary shares will be issued to Mr Salomon upon shareholder approval.
 
For and on behalf of the Board
 
Mark Bolton
Chief Financial Officer and Company Secretary

23 November 2016

Chairman's Address to Shareholders
 
Dear Shareholder
 
As you know, the 2016 financial year has been an extremely challenging year for Oilex and its shareholders, resulting in a loss before income tax of $36 million, primarily affected by non-cash impairment of exploration and development assets of $21.6 million, and reduced recovery of costs from Joint Ventures and costs associated with the Zeta Resources Limited litigation.  Against a back drop of a fifteen-year low in oil prices, the Company has had to divert much of its attention from the core business of developing value from its assets to addressing significant joint venture issues in India, costly litigation associated with its last capital raising, and  resetting the technical direction at Cambay, in association with lower than expected production rates at its most recent wells and delays associated with joint venture funding contribution to ongoing project activities.
 
Despite these hurdles, the Company continues to be confident in, and committed to unlocking, the multi TCF in-place tight gas potential in its onshore Cambay Block, Gujarat State in India.  To this end, a new vertical well is planned which is essential to determining the optimal formula to underpin any long term commercial development of the substantial undeveloped gas opportunity at Cambay.  The next phase of the work programme is designed to address the identified technical and operational risks and is aimed at regaining the momentum behind the Company's core unconventional gas project at Cambay. Planning and preparation continues for the drilling of the Cambay-78 vertical well scheduled for the first half of next year, with the dual objective of developing the un-depleted OS-II sand and to obtain core samples from the EP-IV Zone reservoir for drilling and stimulation studies, in addition agreement has been reached with our JV Partner GSPC for Oilex to drill Cambay-78 on a sole fund/sole reward basis. 
 
The growth in energy demand in India underpins a strong business case for the Joint Venture partners to the Cambay PSC.  India is home to 18% of the world's population yet uses only 6% of the world's primary energy.  This is despite its energy consumption having almost doubled since 2000.  Domestic gas production continues to decline with the growing imbalance being filled by the rapid expansion of LNG imports.
 
Oilex believes that India has large undeveloped unconventional potential. Limited exploitation, to date, provides a significant opportunity for the discovery and commercial development of these hydrocarbon resources.  Oilex has ten years' operating experience in India with a strong local team.  Under the revamped leadership team, the Company is focussed on leveraging this opportunity for the benefit of our stakeholders and partners.
 
Reflecting the changes in the industry environment and the project status, your Board has made the necessary changes to reposition Oilex for a strong future.  Besides significantly reducing expenditures, the Company has also restructured its board and senior executive management team during the year.
 
The Company is actively engaged in resolving issues associated with the Cambay joint venture funding requirements and the ongoing funding and ownership structure, which has necessitated that as Operator the Company has absorbed certain costs to maintain the viability of this joint venture, while developing an ongoing strategy to resolve these issues.  While planning for the C-78 well is underway, the Company continues to actively evaluate alternative approaches and cost structures to advance the project.
 
Oilex is also reviewing opportunities in addition to rationalising its exposure to existing projects.
On behalf of the Board I wish to record our appreciation for the support of our executive management and staff, Joint Venture partners, contractors, local communities, shareholders and stakeholders during a difficult year and look forward to unlocking the key to the sustainable commercialisation of the unconventional hydrocarbon resources within the Cambay project. In particular, we are appreciative of the support of our major shareholders who have elected to be generally supportive of the resolutions tabled at this AGM.
 
We look forward to improving our performance and a better year ahead.
 
Best Regards
 
Max Cozijn
Chairman

http://www.moneyam.com/action/news/showArticle?id=5453371

13 December 2016
 
ASX: OEX
AIM: OEX
 
Oilex tenders for additional 55% interest in Cambay PSC
 
Oilex Ltd (the Company) is pleased to advise that it has participated in a formal tender process submitting a conditional offer for an additional 55% interest in the Cambay PSC (Cambay). Oilex has submitted the offer in response to a competitive bid process initiated by Gujarat State Petroleum Corporation Limited (GSPC) for the possible disposal of its interest in Cambay. If successful in the tender process, Oilex would increase its current 45% interest to 100% of Cambay.
 
In addition to GSPC's agreement to any potential sale, Indian regulator approvals will be required to effect the sale/transfer of GSPC's interest in Cambay. 
 
Pursuant to the Cambay JOA, Oilex is the Operator and holds a pre-emptive right in respect of the possible sale of GSPC's interest in Cambay to a third party.
 
Pursuant to the tender process, Oilex will consider its strategic options for Cambay in order to realise value for shareholders.  The Company will continue to update the market on any material developments.
  
Joe Salomon
Managing Director

http://www.moneyam.com/action/news/showArticle?id=5464623

30 January 2017 
ASX: OEX
AIM: OEX
 
Investor Presentation - Jan/Feb 2017
 
Oilex Ltd advises that a copy of an Oilex Investor Presentation dated Jan/Feb 2017 can be viewed by clicking on the below link.
 
http://www.rns-pdf.londonstockexchange.com/rns/4375V_1-2017-1-30.pdf
 

23 February 2017 
ASX: OEX
AIM: OEX
 
Oilex Appoints New Chairman and Commences Board Strengthening
 
Oilex Ltd (the Company) advises that Mr Max Cozijn has stepped down as Non-Executive Chairman of the Company. 
 
Mr Brad Lingo has agreed to act as Non-Executive Chairman in an interim capacity during this transition period.  Mr Lingo was appointed to the Board as a Non-Executive Director on 11 February 2016.  He is an experienced international resource & energy executive with a proven track record of successfully building companies in the upstream and midstream oil & gas energy sectors. Mr Lingo was recently Managing Director and CEO of Drillsearch Energy Limited and is currently the Managing Director and CEO of Elk Petroleum Limited.
 
The Company also confirms that it has initiated a formal search process to identify a potential new Chairman and additional Non-Executive Directors to further strengthen the Board. Mr Cozijn will continue as a Non-Executive Director.
 
The board wishes to express its thanks to Mr Cozijn for his contribution and dedication to the Company in his role as its founding Chairman.
 
Commenting on the update Mr Lingo said "I look forward to the expanded role as the Company gains momentum in 2017 and seeks to maximise shareholder value from its existing Indian assets and also capitalise on new opportunities in an improving energy market."

http://www.moneyam.com/action/news/showArticle?id=5500927

Oilex Ltd - Trading Halt Request
 
In accordance with ASX Listing Rule 17.1 Oilex Ltd (ASX: OEX, AIM: OEX) hereby requests an immediate trading halt on the Company's securities from the commencement of trading today, 13 March 2017.

In accordance with Listing rule 17.1, Oilex provides the following information:
a) The trading halt is requested pending an announcement by Oilex in relation to a proposed capital raising;
b) Oilex requests the trading halt to remain in place until the earlier of such time as it makes an announcement to the market in relation to the capital raising and the commencement of trading on Wednesday 15 March 2017; and
c) Oilex is not aware of any reason why the trading halt should not be granted or of any other information necessary to inform the market about the trading halt.

Yours faithfully
  
Mark Bolton
Chief Financial Officer and Company Secretary

http://www.moneyam.com/action/news/showArticle?id=5511054