Oilex Further Extends Acquisition of Cooper-Eromanga Licences
Oilex April 3 said the process of acquisition of fellow Australian operator Senex’s position in 27 petroleum retention licences (PRLs) in Cooper-Eromanga basins has been extended by a further six months to September.
In September last year, Oilex signed a binding term sheet to acquire Senex’s position subject to satisfaction of conditions including government approvals by December 31, 2019. This process was first extended to February, and now to September. The Senex acquisition, comprising Northern Fairway licences, span 2,445 km2 and comprise permits covered by a 792-km2 seismic survey obtained by Senex in 2012.
Oilex will pay Senex only a symbolic A$1 (US$0.61) per licence under the deal. It will also commit to covering existing abandonment liabilities and licence renewal fees, as well as meeting expenditure targets.