News: SXY Oilex Announces Acquisition Of Major Cooper-Eromanga Acreage Position

Sept 27 (Reuters) - Oilex Ltd (OEX) :

• ACQUISITION OF MAJOR COOPER-EROMANGA ACREAGE POSITION
• ENTERS BINDING TERM SHEET WITH SENEX AND SOME RELATED ENTITIES TO BUY SENEX'S INTEREST IN 27 PETROLEUM RETENTION LICENSES
• PETROLEUM RETENTION LICENSES IN NORTHERN OIL AND WEST GAS FAIRWAY IS IN COOPER-EROMANGA BASINS IN SOUTH AUSTRALIA
• ANTICIPATES COMPLETION OF ACQUISITION BY END OF CALENDAR YEAR 2019
• NORTHERN PRLS ALSO INCLUDE A 100% INTEREST IN PANING TIGHT GAS DISCOVERY
• TOTAL ANNUAL AMOUNT OF NORTHERN FAIRWAY PRL RENEWAL FEES IS APPROXIMATELY $1 MILLION.
• NOTES NORTHERN FAIRWAY PRLS ARE CURRENTLY SUSPENDED BY SOUTH AUSTRALIAN GOVERNMENT, SUSPENDING ANNUAL LICENSE FEES AND WORK OBLIGATIONS
• INTENDS TO CONTINUE THIS SUSPENSION FOR A PERIOD
• COMPANY REMAINS COMMITTED TO UNLOCKING POTENTIAL OF ITS CAMBAY PROJECT IN INDIA