TIDMOEX

RNS Number : 2110A

Oilex Ltd

17 January 2020

ASX-RNS Announcement

17 January 2020

ASX: OEX

AIM: OEX

Update on Cambay Sale Process

Oilex Ltd (Oilex or the Company) advises that Gujarat State Petroleum Corporation (GSPC) has now opened the bids received for the sale of its 55% participating interest (PI) in the Cambay PSC. The sale process being conducted by GSPC, which is internal and confidential, is pursuant to the settlement agreed between Oilex and GSPC as announced on 9 September 2019.

Oilex understands that a preferred bidder has been identified by GSPC, which will be invited by GSPC to finalize negotiations before seeking applicable regulatory approvals in India. The Company will update the market once further information on the GSPC sale process becomes available.

Oilex holds a first right of refusal where GSPC disposes of its 55% interest in the Cambay PSC.

For and on behalf of Oilex Ltd

Joe Salomon

Managing Director

For further information, please contact:

 
 Investor               AIM Broker                  AIM Nominated          Media Enquires         Media Enquiries 
 Enquires               Novum Securities            Adviser                (UK)                   (Aus) 
 Oilex Ltd              Broker                      Strand Hanson          Vigo Communications    Citadel-MAGNUS 
 Joe Salomon            Colin Rowbury               Limited                Public Relations       Michael Weir 
 Managing               Email:                      Nominated Adviser      Patrick                Email: 
 Director               crowbury@novumsecurities.   Rory Murphy/Ritchie    d'Ancona/Chris         mweir@citadelmagnus. 
 Email:                 com                         Balmer                 McMahon                com 
 oilex@oilex.com.au     Tel: +44 20                 Email:                 Email:                 Tel: +618 
 Tel: +61               7399 9427                   oilex@strandhanson.c   patrick.dancona@vigo   6160 4900 
 8 9485 3200            UK                          o.uk                   comms.com              Australia 
 Australia                                          Tel: +44 20            chris.mcmahon@vigoco 
                                                    7409 3494              mms.com 
                                                    UK                     Tel:+ 44 20 7390 
                                                                           0230 UK

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END

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January 17, 2020 09:05 ET (14:05 GMT)

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