24th Nov 2006 07:00
OILEX LTD
24 November 2006
Alternative Investment Market
London UK
Dear Sir/Madam,
RE: RESULTS OF ANNUAL GENERAL MEETING - 23 NOVEMBER 2006 & CHAIRMAN'S ADDRESS
We have pleasure in advising that all resolutions put to the Annual General Meeting of Shareholders, held at 4.00pm on Thursday 23 November 2006 were passed unanimously on a show of hands as detailed below:
As Ordinary Resolutions
1. Adoption of Remuneration Report
2. Re-election of Mr. M.D.J. Cozijn as a Director
3. To appoint Mr L.L. Bhandari as a non-executive Director
4. Adoption of Employee Performance Rights Plan
5. Approval of increase in aggregate annual non-executive Directors'
remuneration 6. Appointment of Auditor Proxy VotesThere were a total of 51 valid proxies received. These proxy votes wererecorded as follows: IN FAVOUR FOR AGAINST ABSTAIN OPEN TOTAL OF THE CHAIRMAN (CAN'T (DISCRETIONARY) VOTE)
Resolution 3,372,946 9,814,712 12,000 149,680 2,047,168 15,396,506 1
Resolution 3,372,946 9,817,712 0 158,680 2,047,168 15,396,506 2
Resolution 3,372,946 9,814,712 0 158,680 2,050,168 15,396,506 3
Resolution 3,372,946 9,808,712 19,000 148,680 2,047,168 15,396,506 4
Resolution 3,372,946 8,698,457 31,255 1,246,680 2,047,168 15,396,506 5
Resolution 3,372,946 9,816,222 3,490 146,680 2,057,168 15,396,506 6
Chairman's Address
We also attach hereto a copy of the Chairman's Address presented at the AGM.
For and on behalf of the Board
M.D.J. CozijnChairman
cc: Directors - BMcC/RB/GIJ/LLB
CHAIRMAN'S ADDRESS AGM 2006
Following on from my Chairman's Review in the Annual Report dated 19 September 2006, I am pleased to confirm that Oilex has successfully concluded the rationalization of its Oil & Gas interests in Australia with the successful sale of the bulk of the South East Queensland onshore interests to Bow Energy Limited for a consideration of 13.3 million Bow shares and 13.3 million unlisted 50 cent 5 year Options in Bow. Our remaining interest in ATP 548P is subject to resolution of pre-emptive rights, which if unexercised will result in a further 1.7 million Bow shares and Options being issued to Oilex. Oilex and its shareholders will participate indirectly in an aggressive drilling programme being pursued by Bow Energy and its Joint Venture partners in 2007, which may see them participate in the drilling of more than 6 wells during 2007.
This leaves Oilex free to concentrate its resources on the development of its major core assets in the Cambay Basin in India, Offshore North West Shelf and Otway Basin, Australia, Oman and the Joint Petroleum Development Area between Timor-Leste and Australia. In addition to pursuing significant new venture opportunities around the Indian Ocean Rim in conjunction with its Indian co-venturers, Oilex is particularly focused on concluding additional Joint ventures within India.
Oilex has succeeded in attracting and building a highly experienced and credible executive team in India and Australia, with a depth in management and experience that differentiates the company from its peers and enables the company to manage effectively a diverse portfolio of assets and attract new projects and opportunities for the company and its partners.
During the Year Oilex has been able to reposition itself as an internationally focused Oil & Gas Industry participant and thereby achieve a significant re-rating of the company and its market capitalization to in excess of A$120 million on a fully diluted basis.
As you know, Oilex successfully completed a Capital raising of A$20.06 million in July 2006, the proceeds of which are being utilized in progressing development of our Cambay Interests in Gujarat State India, where we have recently drilled 2 wells. These wells were primarily drilled as field evaluation wells and will undergo further testing and evaluation to determine the extent of recoverable hydrocarbons. Coupled with this we have concluded the acquisition of 2 additional field redevelopment projects at Bhandut and Sabarmati in the same basin as the Cambay Field. These fields have the potential to produce oil at significant rates and we have proposals for Joint Venture consideration to undertake a significant work programme in the near term. We are awaiting Government approval of the assignment of these interests to Oilex, following which additional seismic acquisition; workovers and additional drilling will take place.
Oilex concluded the first of a string of significant transactions in February 2006, when it signed up 2 substantial Joint Venture partners to Join Oilex in developing its interest in EPP 27 Otway Basin project. A 2D Seismic Survey has been completed and we are hopeful of delineating viable drilling targets in the short term.
Our Indian alliance group led by Oilex was awarded the prospective onshore Block 56 in Oman where we are presently undertaking seismic reprocessing prior to planning additional seismic acquisition in the first half of next year. Drilling is likely to occur in Oman in the second half of 2007. Oilex and its Indian co-venturers were also awarded permits in the North West Shelf and offshore in the Joint Petroleum Development Area based out of Timor-Leste.
Once again I would like to record the Company's appreciation to Bruce, Ray, India Hydrocarbons Limited and our executive team and staff for their efforts to date and for their ongoing commitment to adding value to Oilex for the benefit of all stakeholders.
I would also like to Introduce Mr Bhandari, from India, who has been nominated as a new Director, who with his wide ranging expertise in the Oil & Gas Industry in India, will prove a valuable addition to the Board.
I also take this opportunity to thank Dr Geoffrey Johnson for his valuable counsel and contribution as a founding Director of Oilex, in the development of the company to date. Geoff leaves us at the conclusion of this meeting.
Bruce McCarthy will give a more detailed presentation on current activities following this meeting.
Thank you for you continued participation.
Max CozijnCHAIRMAN23 November 2006 ABN 50 078 652 632
Level 3, 50 Kings Park Road West Perth WA 6005 Australia PO Box 588 West Perth WA 6872 Australia
Telephone: (+61 8) 9226 5577 Facsimile: (+61 8) 9226 2108 Email:
[email protected] Web: www.oilex.com.au
OILEX LTDRelated Shares:
OEX.L