16th Dec 2019 13:27
(Alliance News) - Oilex Ltd said Monday it has extended the completion date for the acquisition of 27 petroleum retention licenses in the Cooper-Eromanga basins in South Australia from Senex Energy Ltd.
The acquisitions of the licences were scheduled to be complete by December 31, but the oil & gas exploration company has moved the date to February 29, 2020. The company has said it is "well advanced in the negotiations to secure the completion of the acquisition of the licences" but needs extra time to finalise those negotiations and obtain the necessary regulatory approvals.
Oilex added: "The company sees this transaction as a major step forward; it provides a material position in an established play fairway. The basin is well endowed with infrastructure providing for attractive low-cost discovery and development for Oilex. Equally, robust gas pricing in Eastern Australia provides a great basis for commercialisation of any discoveries."
Shares in Oilex were trading 0.1% higher at 0.20 pence per share on Monday afternoon in London.
By Ife Taiwo; [email protected]
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