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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.

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June 24 2016
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