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BRIEF-Oilex Announces Acquisition Of Major Cooper-Eromanga Acreage Position

Published 27/09/2019, 03:51 pm
© Reuters.  BRIEF-Oilex Announces Acquisition Of Major Cooper-Eromanga Acreage Position
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Sept 27 (Reuters) - Oilex Ltd OEX.AX :

* ACQUISITION OF MAJOR COOPER-EROMANGA ACREAGE POSITION

* ENTERS BINDING TERM SHEET WITH SENEX AND SOME RELATED ENTITIES TO BUY SENEX'S INTEREST IN 27 PETROLEUM RETENTION LICENSES

* PETROLEUM RETENTION LICENSES IN NORTHERN OIL AND WEST GAS FAIRWAY IS IN COOPER-EROMANGA BASINS IN SOUTH AUSTRALIA

* ANTICIPATES COMPLETION OF ACQUISITION BY END OF CALENDAR YEAR 2019

* NORTHERN PRLS ALSO INCLUDE A 100% INTEREST IN PANING TIGHT GAS DISCOVERY

* TOTAL ANNUAL AMOUNT OF NORTHERN FAIRWAY PRL RENEWAL FEES IS APPROXIMATELY $1 MILLION.

* NOTES NORTHERN FAIRWAY PRLS ARE CURRENTLY SUSPENDED BY SOUTH AUSTRALIAN GOVERNMENT, SUSPENDING ANNUAL LICENSE FEES AND WORK OBLIGATIONS

* INTENDS TO CONTINUE THIS SUSPENSION FOR A PERIOD

* COMPANY REMAINS COMMITTED TO UNLOCKING POTENTIAL OF ITS CAMBAY PROJECT IN INDIA

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