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 Timeline

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

Related Articles

Offshore oil operations
June 30 2016
The Toronto Ventures quoted oil explorer has a 40% stake in the neighbouring block, and as such feels a significant boost along with the rest of Guyana’s emerging oi sector.
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.
Offshore oil operations, Ireland
July 11 2016
Arnstein gives some 10.3p per share for his net valuation Lansdowne’s stake in Barryroe, including 6p per share for an initial development which would target 70mln barrels of oil.

© 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.