Oilex Ltd Zeta Legal Proceedings Settlement (5213A)
June 08 2016 - 2:00AM
UK Regulatory
TIDMOEX
RNS Number : 5213A
Oilex Ltd
08 June 2016
ASX Announcement
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."
For and on behalf of Oilex Ltd
Joe Salomon
Managing Director
For further information, please contact:
Investor Nominated Media Enquires Media Enquiries
Enquiries Adviser (UK) (Aus)
Oilex Ltd Strand Hanson Vigo Communications Citadel-MAGNUS
Joe Salomon Limited Public Relations Public Relations
Managing Nominated Patrick d'Ancona/Chris Michael Weir
Director Adviser McMahon Email:
Email: oilex@oilex.com.au Rory Murphy/Ritchie Email: mweir@citadelmagnus.com
Tel: +61 Balmer patrick.dancona@vigocomms.c Tel: +618
8 9485 3200 Email: om 6160 6900
Australia oilex@strandhanson.co.uk chris.mcmahon@vigocomms.com Australia
Tel: +44 20 Tel: +44 20
7409 3494 7830 9700
UK UK
=========================== ============================ ============================ =============================
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCAKFDNNBKKBAK
(END) Dow Jones Newswires
June 08, 2016 02:00 ET (06:00 GMT)
Synergia Energy (LSE:SYN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Synergia Energy (LSE:SYN)
Historical Stock Chart
From Sep 2023 to Sep 2024