Oilex Extends Series-C loan agreement

Vox Markets
Vox Newswire
09:12, 24th December 2020

Oilex (OEX) has entered into an amendment agreement to vary the repayment obligations for its Series C (GBP£125,000) loan.

On 30 October 2020, the Company advised that it had entered into an amendment agreement to vary the terms of its Series C loan funding facility of GBP £125,000, originally entered into on 3 February 2020, so that the new repayment date was extended to 31 December 2020. 

Pursuant to the amendment agreement announced today, the loan repayment date has been extended from 31 December 2020 to 31 March 2021.

All other terms related to the extension of the repayment date remain unchanged and no further options have been issued in respect to the further extension.

Shares in OEX remained unchanged this morning following the news.

OEX price chart

Reasons to Follow OEX FOLLOW

Oilex’s strategy is to use its extensive technical and commercial expertise to explore, appraise and develop petroleum resources in prolific basins.

Strategic Focus

The group exclusively focuses on selected ‘Super Basins’ which have the potential to present multiple low-cost entry opportunities to Oilex. 

Proven Success in Australia

Its new business development efforts bore fruit through the establishment of the focus on “super-basin areas” in Australia’s Cooper-Eromanga Basins and the UK’s Continental Shelf.  

Future Growth Projects

Oilex said to investors that it ‘continues to review business opportunities in high potential areas’ through its contact base and its belief that good projects with good management can be funded. 

Despite the ‘very challenging climate’, Oilex said it remains focused on returning value to shareholders with the short to medium focus of restoring value to the share price through sound management practices.

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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