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News: OEX Oilex To Sell Cooper Eromanga Basin Assets

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    Jan 29 (Reuters) - Oilex Ltd (OEX) :

    • SALE OF COOPER EROMANGA BASIN ASSETS
    • AS CONSIDERATION FOR PROPOSED DEAL, DORIEMUS WILL ISSUE 28.3 MILLION CHESS DEPOSITARY INTERESTS TO CO UPON COMPLETION
    • SIGNED BINDING HEADS OF AGREEMENT WITH DORIEMUS FOR PROPOSED SALE OF ALL INTERESTS IN COOPER-EROMANGA BASIN TO DORIEMUS
    • DORIEMUS PROPOSES TO APPOINT OILEX'S CHAIRMAN, BRAD LINGO AS NEW MANAGING DIRECTOR OF DORIEMUS
    • IF DORIEMUS APPOINTS BRAD LINGO AS MANAGING DIRECTOR, HE WOULD STEP DOWN AS CHAIRMAN OF CO AFTER APPOINTMENT OF A NEW OILEX CHAIRMAN
    • ALSO PROPOSED THAT OILEX'S MANAGING DIRECTOR, JOE SALOMON, WILL BE APPOINTED AS A DIRECTOR OF DORIEMUS
    • INDEPENDENT DIRECTORS OF OILEX ARE CURRENTLY CONDUCTING A FORMAL PROCESS TO APPOINT A NEW OILEX CHAIRMAN
    • DORIEMUS INTENDS TO UNDERTAKE CAPITAL RAISING AT EXPECTED PRICE OF$0.035 PER CDI TO RAISE MINIMUM $3.5 MILLION & PROPOSED MAXIMUM OF $5 MILLION
    • ASSUMING COMPLETION OF PROPOSED TRANSACTION, OILEX WILL NO LONGER HAVE ANY OIL AND GAS ASSET INTERESTS IN AUSTRALIA
 
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