Oilex deal with Doriemus falls through

Oilex told shareholders on Tuesday that an agreement with Doriemus to reach an alternative agreement over the proposed purchase of Oilex's interests in the Cooper Basin by Doriemus has not been reached.

The AIM-traded firm said it is in discussion with a number of companies showing a “strong interest” in stepping into the Cooper-Eromanga project, and participating in moving the asset base forwards.

On 29 January, the company announced that it had signed a binding heads of agreement with ASX-listed Doriemus for the proposed sale of all of its interests in the Cooper-Eromanga Basin to Doriemus, including the Northern Fairway PRLs.

Following that, on 24 March, it said that despite strong funding support, certain investors had failed to settle their committed funds given the changed global market challenges, with Doriemus announcing that it would not be proceeding with the capital raising.

The update advised that the parties were continuing discussions on a revised transaction structure.

On 3 April, Oilex announced an extension to the date for satisfaction on conditions precedent in regards to the acquisition of 27 petroleum retention licences (PRLs) from Senex Energy, and certain of its related entities, to 27 September.

“While we did not find a path to go forwards with Doriemus, we see strong support from other interested companies and are currently in discussions with a number of entities to potentially move the projects forward in the best interests of all stakeholders and we remain ready to proceed with a new party under similar terms to the Doriemus deal,” said managing director Joel Salomon.

At 1614 BST, shares in Oilex were up 7.37% at 0.1p.