12th Mar 2020 13:31
(Alliance News) - Oilex Ltd's sale of its interests in the Cooper-Eromanga basin progressed on Thursday, after the firm which has agreed to buy the licenses received shareholder backing for all resolutions at a general meeting.
The oil and gas explorer in January said Sydney-listed Doriemus PLC agreed to buy Oilex's 79% stake in the PEL 112 and PEL 444 licenses located in the Cooper-Eromanga basin, onshore Australia.
On Thursday, Oilex reported that Doriemus shareholders backed all resolutions put to them at a general meeting.
Oilex added: "The resolutions approved by Doriemus shareholders satisfy a key condition precedent to the proposed acquisition by Doriemus of the Company's portfolio of Cooper-Eromanga Basin assets.
"The proposed transaction remains subject to several other conditions precedent including completion of the AUD4.5 million fundraise."
Oilex back in February said Doriemus conducted an equity raise which secured funds of about AUD4.5 million, about GBP2.3 million.
Oilex added on Thursday that it expects the sale of the assets to be completed on March 31.
Shares in the company were 0.4% lower at 0.12 pence each in London on Thursday afternoon.
By Eric Cunha; [email protected]
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