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Jun 08, 2016
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 $490,000.
In reaching this settlement with Zeta, Oilex has taken into account the significant costs and inherent uncertainty of litigation, and the substantial time commitments and distraction that the litigation presents for the board and management.
Managing Director of Oilex, Joe Salomon, said;
'Reaching this settlement means Oilex can focus fully on advancing its operations, which is in the best interests of all shareholders. Oilex looks forward to progressing the Cambay Joint Venture and the other assets in the Oilex portfolio and will keep shareholders informed as matters progress.'
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Oilex Ltd
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CODE : OEX.AX |
ISIN : AU000000OEX8 |
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Oilex is a and oil exploration company based in Australia. Its main asset in production is LA ROCCA-1 in Australia. Oilex is listed in Australia. Its market capitalisation is AU$ 3.0 millions as of today (US$ 2.2 millions, € 2.2 millions). Its stock quote reached its highest recent level on January 14, 2011 at AU$ 0.50, and its lowest recent point on February 05, 2021 at AU$ 0.00. Oilex has 1 493 769 984 shares outstanding. |