Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Oilex: No settlement yet with Zeta, proceedings to proceed

Zeta must now file and serve any reply and defence to Oilex's cross claim by March 29.
Oilex: No settlement yet with Zeta, proceedings to proceed
There had been a March 1 deadline for Oilex and Zeta to reach an agreement.

Oilex (LON:OEX) has told investors that talks towards a commercial resolution with Zeta Resources have so far failed, and the parties have not reached an agreement.

Talks are still ongoing, it added.

Consequently, due the passing of the previously agreed March 1 deadline, the legal proceedings must now advance.

Zeta must now file and serve any reply and defence to Oilex's cross claim by March 29, the company said in a statement.

The legal dispute concerns the investment agreement entered into by Zeta earlier this year, which was not fully executed. Zeta’s complaint is that Oilex had not informed it of information regarding its joint venture partner in India.

The cross-claim filed by Oilex in December seeks orders of specific performance requiring Zeta to perform its obligations and complete the relevant share subscription and convertible note agreements (or otherwise pay damages to Oilex), the company said.

Jamie_55a91591db06b.jpg


Register here to be notified of future OEX Company articles
View full OEX profile

OILEX LTD Timeline

Newswire
December 13 2016
Newswire
June 24 2016
Newswire
April 29 2016

Related Articles

Offshore oil operations, North Sea
September 29 2016
Jersey continues to “work actively” on a number of opportunities in the UK, which it expects will lead to the acquisition of producing oil and gas assets in the near future.
oil_platform_1_56fbbfac1a66e.png
March 30 2016
Only a select group of explorers have active drill programmes, but, those with high impact potential at little or no cost are even rarer still.
employee-on-ladder_750optimised.jpg
October 05 2016
Europa's final results to end July showed a strong performance in the face of what are well documented challenges

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.