Oilex Ltd JPDA 06-103 Joint Venture (0115N)
May 13 2015 - 2:00AM
UK Regulatory
TIDMOEX
RNS Number : 0115N
Oilex Ltd
13 May 2015
ASX Announcement
13 May 2015
ASX: OEX
AIM: OEX
JPDA 06-103 Joint Venture
Oilex Ltd, 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"), submitted a
request to the Autoridade Nacional do Petroleo ("ANP") to terminate
the PSC by mutual agreement in accordance with its terms and
without penalty or claim on 12 July 2013 ("Request to
Terminate").
The Request to Terminate followed Joint Venture concerns over
the security of PSC tenure as a result of developments within the
JPDA, including JPDA (06-103), which are outside the control and
influence of the Joint Venture Participants, including:
(a) existence of separate unilateral rights to terminate the
Certain Maritime Arrangements in the Timor Sea ("CMATS") arising in
2013 in favour of both the Government of Timor Leste and the
Government of Australia; and
(b) formal arbitration proceedings being initiated by the Timor
Leste Government against the Government of Australia to have CMATS
declared void ab initio.
On 15 January, 2014 the ANP suspended the PSC for 3 months to
provide sufficient time for a response to the Request to Terminate
be determined. The ANP has subsequently granted successive 3 month
extensions to the PSC.
The PSC is currently suspended until 15 July 2015 but remains in
good standing.
The ANP has responded to the Joint Venture in a letter dated 11
May 2015 and advised the Request to Terminate has been rejected.
The ANP have further indicated their intention to serve notice to
terminate under the terms of the PSC. A notice to terminate has not
been received.
The Joint Venture will consider the ANP's response to ascertain
the most appropriate way forward.
The Joint Venture Participants in JPDA 06-103 are:
Oilex (JPDA 06-103) Ltd (Operator) 10.0%
------------------------------------- -------
Japan Energy E&P JPDA Pty
Ltd 15.0%
------------------------------------- -------
GSPC (JPDA) Limited 20.0%
------------------------------------- -------
Videocon JPDA 06-103 Limited 20.0%
------------------------------------- -------
Bharat PetroResources JPDA
Ltd 20.0%
------------------------------------- -------
Pan Pacific Petroleum (JPDA
06-103) Pty Ltd 15.0%
------------------------------------- -------
For and on behalf of Oilex Ltd
Chris Bath
Chief Financial Officer
For further information, please contact the company or its
advisors listed below:
PAC Partners Strand Hanson Vigo Communications
Pty Ltd Westhouse Securities Limited Public Relations
Australian Broker Limited Nominated Adviser UK
Andrew Shearer AIM Broker Rory Murphy /Ritchie Patrick d'Ancona
Email: Robert Finlay / Alastair Balmer / Chris McMahon
ashearer@pacpartners.com.au Stratton Email: Email:
Tel: +61 3 8633 Email: oilex@strandhanson.co.uk patrick.dancona@vigocomms.c
9862 alastair.stratton@westhousese Tel: +44 20 7409 om
Australia curities.com 3494 chris.mcmahon@vigocomms.com
Tel: +44 20 7601 UK Tel: +44 20 7016
6100 9570
UK UK
============================ ============================== ========================== ============================
This information is provided by RNS
The company news service from the London Stock Exchange
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