Oilex Seals Cooper Sale to Armour

Oilex has completed the sale of all its interests in the Cooper-Eromanga basin to fellow Australian producer Armour Energy, the companies said on October 15.

Armour has acquired Oilex's wholly-owned subsidiary CoEra, which has 79.3% stakes in petroleum exploration licences 112 and 144, as well as its option for remaining interests in the permits. The companies agreed the sale in June, and later deferred the deadline for its closure from September 15 to October 15.

Armour has issued 22.5mn of its shares to Oilex as a first tranche of payment for the interests, and has also reimbursed Oilex A$125,000 ($89,000) in cash for past costs. Earlier it said it would pay for the deal by issuing 34.5mn shares in total.