Brief: Oilex To Sell Cooper Eromanga Basin Assets

Azzuro Resources

29/01/2020 10:50

Jan 29 (Reuters) - Oilex Ltd  OEX.AX :
    * SALE OF COOPER EROMANGA BASIN ASSETS
    * AS CONSIDERATION FOR PROPOSED DEAL, DORIEMUS WILL ISSUE
28.3
MILLION CHESS DEPOSITARY INTERESTS TO CO UPON COMPLETION
    * SIGNED BINDING HEADS OF AGREEMENT WITH DORIEMUS FOR
PROPOSED
SALE OF ALL INTERESTS IN COOPER-EROMANGA BASIN TO DORIEMUS
    * DORIEMUS PROPOSES TO APPOINT OILEX'S CHAIRMAN, BRAD LINGO
AS NEW
MANAGING DIRECTOR OF DORIEMUS
    * IF DORIEMUS APPOINTS BRAD LINGO AS MANAGING DIRECTOR, HE
WOULD
STEP DOWN AS CHAIRMAN OF CO AFTER APPOINTMENT OF A NEW OILEX
CHAIRMAN
    * ALSO PROPOSED THAT OILEX'S MANAGING DIRECTOR, JOE SALOMON,
WILL
BE APPOINTED AS A DIRECTOR OF DORIEMUS
    * INDEPENDENT DIRECTORS OF OILEX ARE CURRENTLY CONDUCTING A
FORMAL
PROCESS TO APPOINT A NEW OILEX CHAIRMAN
    * DORIEMUS INTENDS TO UNDERTAKE CAPITAL RAISING AT EXPECTED
PRICE
OF$0.035 PER CDI TO RAISE MINIMUM $3.5 MILLION & PROPOSED
MAXIMUM OF $5 MILLION
    * ASSUMING COMPLETION OF PROPOSED TRANSACTION, OILEX WILL NO
LONGER HAVE ANY OIL AND GAS ASSET INTERESTS IN AUSTRALIA

Source text for Eikon:  ID:nRSc3034Ba 
Further company coverage:  OEX.AX 

 ((Reuters.Briefs@thomsonreuters.com;))