Oilex Ltd Zeta Legal Proceedings Settlement (5213A)

TIDMOEX

RNS Number : 5213A

Oilex Ltd

08 June 2016

ASX Announcement

8 June 2016

ASX: OEX

AIM: OEX

Zeta Legal Proceedings Settlement

As previously announced, Oilex Ltd (Oilex or the Company) has been engaged in discussions with Zeta Resources Limited (Zeta) to explore options for a commercial resolution of the legal proceedings between the parties.

Oilex is pleased to announce that it has now reached agreement with Zeta that ends the legal proceedings between the parties. The terms of the settlement are that each party will no longer pursue its claim against the other, with the legal proceedings to be dismissed on a no admission of liability basis. Oilex has also agreed to make a payment to Zeta on account of costs of the litigation of $490,000.

In reaching this settlement with Zeta, Oilex has taken into account the significant costs and inherent uncertainty of litigation, and the substantial time commitments and distraction that the litigation presents for the board and management.

Managing Director of Oilex, Joe Salomon, said;

"Reaching this settlement means Oilex can focus fully on advancing its operations, which is in the best interests of all shareholders. Oilex looks forward to progressing the Cambay Joint Venture and the other assets in the Oilex portfolio and will keep shareholders informed as matters progress."

For and on behalf of Oilex Ltd

Joe Salomon

Managing Director

For further information, please contact:

 
 Investor                     Nominated                     Media Enquires                Media Enquiries 
  Enquiries                   Adviser                       (UK)                          (Aus) 
  Oilex Ltd                   Strand Hanson                 Vigo Communications           Citadel-MAGNUS 
  Joe Salomon                 Limited                       Public Relations              Public Relations 
  Managing                    Nominated                     Patrick d'Ancona/Chris        Michael Weir 
  Director                    Adviser                       McMahon                       Email: 
  Email: oilex@oilex.com.au   Rory Murphy/Ritchie           Email:                        mweir@citadelmagnus.com 
  Tel: +61                    Balmer                        patrick.dancona@vigocomms.c   Tel: +618 
  8 9485 3200                 Email:                        om                            6160 6900 
  Australia                   oilex@strandhanson.co.uk      chris.mcmahon@vigocomms.com   Australia 
                              Tel: +44 20                   Tel: +44 20 
                              7409 3494                     7830 9700 
                              UK                            UK 
===========================  ============================  ============================  =============================

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