18th Sep 2019 15:27
(Alliance News) - Oilex Ltd on Wednesday agreed to delay the completion date for two acquisitions in South Australia in the Cooper-Eromanga basin.
The acquisitions of the PEL 112 and PEL 444 licences had been penned to complete at the end of September, but Oilex has now moved that back to October 14.
"The amendment is at the company's request in order to effectively manage the various acquisitions in Australia and the UK currently being undertaken by the company," said Oilex.
Oilex already owns 48% of the licences, having bought that stake off Holloman Energy Corp early August for AUD145,500. It then bought a 31% stake later that month from Perseville Investing Inc and Terra Nova Energy Australia Pty Ltd for AUD92,499, and it also has an option to buy the rest of the licences.
Other acquisitions currently being carried out by Oilex include a 50% interest in some Irish Sea gas discoveries, announced earlier this week.
Shares were 4.2% lower on Wednesday at a price of 0.17 pence each.
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