Oilex Disposes of Cooper-Eromanga Exploration Interests in Australia
ASX and AIM-listed Oilex Ltd. has signed a binding Heads of Agreement (HoA) with UK-based Doriemus Plc for the sale of all of its interests in the Cooper-Eromanga Basin in Australia. Under the terms of the HoA, Doriemus will acquire Oilex’s 79.33% direct interest in 2 Petroleum Exploration Licenses (PEL 112 and PEL 444), as well as its rights to acquire 27 Petroleum Retention Licences (PRLs) from Senex Ltd. As consideration, Doriemus will issue approximately 28.3 million CHESS Depositary Interests (CDIs) representing approximately 28.3 million shares in Doriemus. The sale of the assets is part of a strategic initiative by Oilex to reduce capital spending obligations and focus on its core assets in India and the UKCS. Earlier this week, the company also announced that it had accepted an offer from Kiri & Company Logistics Pvt. Ltd. to acquire its 40% participating interest in the Bhandut PSC in India, for a cash consideration of approximately US$140,000. Oilex also currently holds a 45% participating interest in the Cambay PSC in India. In September last year, the company had entered into exclusivity agreement with Koru Energy Ltd. for the potential acquisition of up to a 50% interest in licenses P2459 and P2444 in the East Irish Sea. Subsequently, in December, Oilex also entered into an agreement to acquire a 100% participating interest in license P2446 (containing the Doyle and Peel prospects), as well as an exclusivity agreement to acquire a 100% interest in license P2076 (containing the Castletown discovery) in the East Irish Sea.