Oilex (OEX) has entered into an amendment agreement to vary the repayment obligations for its Series C (GBP£125,000) loan.
On 30 October 2020, the Company advised that it had entered into an amendment agreement to vary the terms of its Series C loan funding facility of GBP £125,000, originally entered into on 3 February 2020, so that the new repayment date was extended to 31 December 2020.
Pursuant to the amendment agreement announced today, the loan repayment date has been extended from 31 December 2020 to 31 March 2021.
All other terms related to the extension of the repayment date remain unchanged and no further options have been issued in respect to the further extension.
Shares in OEX remained unchanged this morning following the news.
Reasons to Follow OEX
Oilex’s strategy is to use its extensive technical and commercial expertise to explore, appraise and develop petroleum resources in prolific basins.
Strategic Focus
The group exclusively focuses on selected ‘Super Basins’ which have the potential to present multiple low-cost entry opportunities to Oilex.
Proven Success in Australia
Its new business development efforts bore fruit through the establishment of the focus on “super-basin areas” in Australia’s Cooper-Eromanga Basins and the UK’s Continental Shelf.
Future Growth Projects
Oilex said to investors that it ‘continues to review business opportunities in high potential areas’ through its contact base and its belief that good projects with good management can be funded.
Despite the ‘very challenging climate’, Oilex said it remains focused on returning value to shareholders with the short to medium focus of restoring value to the share price through sound management practices.