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Article: OILEX LTD - Oilex Timor Sea Farmout Goes Unconditional.
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- PR Newswire UK Disclose
- Article date:
- August 28, 2009
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28 August, 2009
OILEX TIMOR SEA FARMOUT GOES UNCONDITIONAL
Oilex Ltd (ASX: OEX, AIM: OEX) advises that all conditions precedent for the
previously announced agreement to farmout part of its interest in the offshore
block JPDA 06-103 in the Timor Sea to Japan Energy E&P JPDA Pty Ltd (Japan
Energy) have now been satisfied.
Under the terms of the farmout agreement, Japan Energy, a wholly owned
subsidiary of Japan Energy Corporation Ltd, will earn a 15% participating
interest in the JPDA 06-103 Production Sharing Contract (PSC) from Oilex. The
consideration payable by Japan Energy under the Farmout Agreement includes both
a refund of part of past costs, payable now and ...