• Natural Gas News

    Oz Armour, Oilex Defer Deal Closure


The two companies have postponed the deadline for closure by a month until October 15.

by: Shardul Sharma

Posted in:

Natural Gas & LNG News, Asia/Oceania, Premium, Corporate, Mergers & Acquisitions, Exploration & Production, Investments, News By Country, Australia

Oz Armour, Oilex Defer Deal Closure

Sydney-listed Armour Energy has agreed with Oilex to extend the deadline for closing the purchase of the latter's assets in the Cooper-Eromanga basin, Armour said on September 15.

The pair now have until October 15 to finalise the June agreement, which will see Armour acquire 100% of Oilex's wholly-owned subsidiary CoEra. CoEra has a 79.3% interest in petroleum exploration licence (PEL) 112 and PEL 144, as well as an option for the remaining interests in the sites. Previously the deadline had been September 15.

Armour said the deferral was so that its shareholders could vote at the company’s upcoming extraordinary general meeting on September 18 on the 34.5mn in shares to be issued to Oilex under the deal. The decision also gives the pair more time to satisfy conditions.

Earlier this year, Oilex’s deal to sell its assets in Cooper-Eromanga basin to fellow Australian explorer Doriemus collapsed after the latter failed to secure funding for the deal.