20th Feb 2006 07:00
20 February 2006Centralised Company Announcements OfficeAustralian Stock Exchange Limited10th Floor, 20 Bond StreetSYDNEY NSW 2000Dear Sir,RE: LINQ MEZZANINE FINANCE FACILITY A$5 MILLIONOilex NL (ASX& AIMCode: "OEX") is pleased to advise that it has reachedagreement with LinQ Resources Fund for the provision of a A$5M mezzaninefinance facility to assist Oilex in funding the development of its Indianproduction interests, including the drilling of the Cambay Field (with Oilex asoperator). The Cambay development programme is in the final stages ofpreparation for presentation to the Cambay Joint Venture partners for approvalin March.Oilex welcomes the support of LinQ in the development of the Company's oil andgas projects in India, and as a longer term investor. At this early stage ofOilex's involvement in Cambay, the offer from LinQ is a sound endorsement ofthe quality of the asset. As part of this facility, 5 million unlisted optionsexercisable at 50 cents over a four-year term are to be issued, with a portionsubject to shareholder approval.An Appendix 3B will be issued once the options have been issued and thefacility documentation is completed and executed.For and on behalf of the BoardBruce McCarthyManaging Directorcc: Directors MC/RB/GIJLevel 3, 50 Kings Park Road West Perth Western Australia 6005 P.O. Box 588 West Perth Western Australia 6872 Telephone (61 8) 9226 5577 Facsimile (61 8) 9226 2108 email: [email protected] www.oilex.com.au ENDOILEX NLRelated Shares:
OEX.L