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

07:00 Oilex Ltd (OEX) AGM Chairman's Address RNS
07:00 Oilex Ltd (OEX) Issue of Securities RNS
07:00 Oilex Ltd (OEX) Results of Annual General Meeting 29 November 2018 RNS

https://www.moneyam.com/action/nav/news?epic=OEX

****From this morning****

Chairman's Address
Annual General Meeting
29 November 2018

Dear Shareholders,

The 2018 financial year has seen the Company deliver on many essential outcomes, as well as undertake many difficult challenges in our pursuit of the development of the Cambay project in India.

The Company has a significant multi TCF potential gas resource at the Cambay PSC in Gujarat state in India in the EP-IV tight siltstones that requires drilling and stimulation optimisation technologies to achieve commercial flow rates. The Company's previous attempts to exploit this resource were only partially successful.

In August 2017, Schlumberger, Baker Hughes GE and ODSI completed a technical evaluation to derive an optimal well and stimulation design. Schlumberger and Baker Hughes also completed the core analysis and analyzed the reasons for under-performance of past wells. Notably, the review confirmed that the EP-IV tight siltstones can be effectively stimulated and that commercial gas flow rates are potentially achievable.

Following the encouraging results from the technical review, in September 2017 the Company completed a Field Development Plan and applied for a ten-year extension to the Cambay PSC. In April 2018, the Company received notification from the Ministry of Petroleum and Natural Gas that it had approved the proposal for the grant of ten-year extensions to both the Cambay and Bhandut PSCs. Securing this extension was important to regaining momentum in the Company's key asset at Cambay.

Unfortunately, following the extension approval, the Company was not able to gain alignment with its JV partner on how to progress with the development of Cambay. In May 2018, the Company having considered that it had exhausted all other avenues, issued an Event of Default Notice to Gujarat State Petroleum Corporation (GSPC) and then subsequently sought the transfer of GSPC's participating interest in the Cambay PSC to Oilex in accordance with the provisions of the Joint Operating Agreement. Subsequently, GSPC commenced legal action to delay the transfer, initially with an ex-parte Order from the High Court of Gujarat followed by commencement of arbitration proceedings in November 2018.

Cambay is an important national asset of India and the Company fully intends to meet its undertakings to the Government of India and contribute to India's energy security. While the Company is confident, having taken external legal advice, that it has followed the correct legal process to ultimately facilitate the development of Cambay, we believe that a lengthy legal dispute is not desirable for any party. Accordingly, the Company is presently in discussions with GSPC and the Government of India to seek a commercial resolution. Importantly, in meetings earlier this week, there is alignment between both GSPC and Oilex to avoid arbitration if possible.

While OEX remains optimistic that a commercial resolution can and should be achieved and is working towards that end, there is no certainty for the timing or the outcome. Accordingly, we will continue to update the market from time to time.

Importantly, it is essential that Company retains supportive shareholders as we navigate through these final hurdles. In late 2017, the Company gained a new cornerstone shareholder, Republic Investment Management. In December 2017 Republic agreed to participate taking up an initial 7% interest in Oilex. Republic continued their support of the Company in May, July and then also September 2018. Republic currently has a shareholding of 9.7% in the Company, as well as advancing loans to the Company.

The support by all shareholders, including Republic, is appreciated by your Board and is seen as a vote of faith in the direction of your Company.

Finally, on behalf of the Board, I wish to thank our staff, contractors, local communities, shareholders and stakeholders for their ongoing support.

https://www.moneyam.com/action/news/showArticle?id=6224851

14 December 2018
ASX: OEX
AIM: OEX

Re: Issue of Securities

Oilex Ltd (the Company) advises that it has issued 29,120,559 new ordinary shares (New Ordinary Shares) at 0.19 pence pursuant the capital raising announced 11 September 2018. The £55,329 (A$100,000) issued today is the final tranche forming part of the £0.7 million (A$1.27 million) debt and equity capital raising.

The issue of New Ordinary Shares under LR7.1 are included in the attached Appendix 3B.


Admission and Total Voting Rights

Application has been made to the London Stock Exchange plc for the admission of the New Ordinary Shares to trading on AIM (Admission). Admission is expected to become effective, and dealings to commence in, the New Ordinary Shares at 8.00 a.m. on 19 December 2018. Following Admission, the Company will have 2,367,311,884 shares in issue. The Company does not currently hold any shares in treasury. Accordingly, the total number of voting rights will be 2,396,432,443.

Section 708A(5)(e) Statement

Pursuant to the issue of the abovementioned New Ordinary Shares, Oilex gives notice under section 708A(5)(e) of the Corporations Act (Cth) (Act) that:

1) Oilex issued the Shares without disclosure to investors under Part 6D.2 of the Act;

2) As at the date of this notice, Oilex has complied with:

a) the provisions of Chapter 2M of the Act as they apply to Oilex; and

b) section 674 of the Act; and

3) As at the date of this notice, there is no information that is 'excluded information' within the meaning of sections 708A(7) and 708(8) of the Act.

https://www.moneyam.com/action/news/showArticle?id=6244735

From this morning:

18 December 2018
ASX: OEX
AIM: OEX

Equity Capital Raising of £0.65 Million

Oilex Ltd (Oilex or the Company) is pleased to announce that it has arranged an equity capital raising to secure funding of £0.65 million (A$1.14 million) to meet the Company's working capital requirements.

The equity capital raising is by way of a placing of 180,555,555 shares at 0.36 pence (A$0.6314) per share has been undertaken jointly by Novum Securities Limited (Novum) and SP Angel Corporate Finance LLP (SP Angel) (the Placing). The placing price represents a 18% discount and 2% premium to the 5 day and 20 day VWAP respectively as traded on AIM.

Funds raised from the Placing are intended to be applied towards the working capital requirements of the Company. Completion of the Placing is conditional, inter alia, upon admission of the shares the subject of the Placing to trading on AIM. The shares the subject of the Placing will rank pari passu in all respects with the existing shares. Application will be made in due course to the London Stock Exchange for the shares the subject of the Placing to be admitted to trading on AIM and the Company will make an announcement at that time.

Pursuant to advisory agreements with Novum and SP Angel, the Company will issue 6,666,666 unlisted options exercisable at 0.36 pence on or before two years following the completion with the capital raising (Broker Options).

Following admission, the Company's share capital and total voting rights will comprise 2,576,987,998 shares. The Company does not hold any shares in treasury. Consequently, 2,576,987,998 is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Republic Investment Management PTE Ltd ("Republic") has participated in £50,000 of the Placing. As a result of Republic's interest in the Company (when taking account of its options in the Company) it is categorised as a Substantial Shareholder of the Company pursuant to the AIM Rules for Companies (AIM Rules). Accordingly, the participation of Republic in the Placing is classified as related party transaction pursuant to the AIM Rules.

The Directors of the Company, having consulted with Strand Hanson Limited, the Company's Nominated Adviser, consider that the terms of the Placing with Republic are fair and reasonable insofar as the Company's shareholders are concerned.

Managing Director, Joe Salomon, said "As announced at the recent AGM, the discussions with GSPC regarding the event of default are well underway. While the Company presently anticipates that the discussions will conclude in early 2019, the additional working capital will help strengthen the Company's balance sheet and give us the flexibility to support several potential outcomes.

The Company appreciates the strong investor support with management seeking to find a balance between ongoing market support, issue price and dilution, set against a volatile share price environment in recent weeks."

https://www.moneyam.com/action/news/showArticle?id=6248848

18 November 2018
ASX: OEX
AIM: OEX

Notice of Change of Interests of Substantial Holder

Please refer to the attached Form 604, for the notice of change of interests of substantial holder received from Republic Investment Management Pte Ltd ("Republic").

http://www.rns-pdf.londonstockexchange.com/rns/9424K_1-2018-12-19.pdf

https://www.moneyam.com/action/news/showArticle?id=6250205

21 December 2018
ASX: OEX
AIM: OEX

Re: Issue of Securities

Oilex Ltd (Oilex or the Company) advises that it has issued 166,666,667 ordinary shares at 0.36 pence (New Ordinary Shares) for £600,000 pursuant to the £650,000 equity capital raising as announced on 18 December 2018. The settlement of the remaining balance of £50,000 is anticipated to be completed in January 2019, a further announcement thereto will be made in due course.

The issue of New Ordinary Shares under LR7.1 are included in the attached Appendix 3B.

Admission and Total Voting Rights

Application has been made to the London Stock Exchange plc for the admission of the New Ordinary Shares to trading on AIM (Admission).


Admission of 111,111,111 of the New Ordinary Shares is expected to become effective and dealings to commence at 8.00 a.m. on 24 December 2018. Following Admission of these shares, the Company will have 2,507,543,554 shares in issue. The Company does not currently hold any shares in treasury. Accordingly, the total number of voting rights will be 2,507,543,554.

Admission of a further 55,555,556 New Ordinary Shares is expected to become effective and dealings to commence at 8.00 a.m. on 28 December 2018. Following Admission of these further shares, the Company will have 2,563,099,110 shares in issue. The Company does not currently hold any shares in treasury. Accordingly, the total number of voting rights will be 2,563,099,110.

Option Issue

Pursuant to the advisory agreement with Novum Securities and SP Angel, the Company has today also issued 6,666,667 options exercisable at 0.36 pence on or before 24 September 2020 (Options).


Section 708A(5)(e) Statement



Pursuant to the issue of the abovementioned New Ordinary Shares and Options, Oilex gives notice under section 708A(5)(e) of the Corporations Act (Cth) (Act) that:



1) Oilex issued the Shares and Options without disclosure to investors under Part 6D.2 of the Act;



2) As at the date of this notice, Oilex has complied with:

a) the provisions of Chapter 2M of the Act as they apply to Oilex; and

b) section 674 of the Act; and



3) As at the date of this notice, there is no information that is 'excluded information' within the meaning of sections 708A(7) and 708(8) of the Act.

https://www.moneyam.com/action/news/showArticle?id=6254478

31 December 2018
ASX: OEX
AIM: OEX

Cambay Cash Call Receipt

Oilex Ltd (Oilex or the Company) is pleased to announce that the Cambay JV has received INR20.5 million, approximately US$0.29 million in cash call proceeds. The payment from Gujarat State Petroleum Corporation incorporates all Cambay cash call notices subsequent to the Event of Default notice (EoD) announced on 29 May 2018.

Cash calls of approximately US$2.88 million pursuant to the EoD and net of US$0.17 million in subsequent cash call receipts in July 2018, remain outstanding. The EoD is subject to arbitration proceedings as announced on 19 November 2019. Further to the announcements on 29 November 2018 and 18 December 2018, discussions between Oilex and GSPC in regard to a potential commercial settlement remain ongoing.

https://www.moneyam.com/action/news/showArticle?id=6260617