13th Feb 2014 10:31
LONDON (Alliance News) - Oilex Ltd Thursday said its shares have been placed on a trading halt on the Australian Securities Exchange pending the release of a proposed capital raising announcement.
The exploration-and-development oil company said that it expects the announcement to be made within the next few days and trading to resume on the ASX at such time.
Oilex continued trading on the London markets during the trading halt.
The news comes after the company received a good-faith payment on Tuesday as part of the company's USD4.8 million arbitration award for its West Kampar site in Indonesia.
The award came after PT Sumatera Persada Energi failed to repay a debt owed to Oilex under a previous agreement between the two parties.
Oilex shares were down 14% to 4.20 pence, putting it in the top five AIM losers Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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