TIDMOEX

RNS Number : 5663C

Oilex Ltd

11 February 2020

ASX-RNS Announcement

11 February 2020

ASX: OEX

AIM: OEX

Chairman Consulting Contract Extension

The Board of Oilex Ltd (the Company) is pleased to announce that the expanded operational role for Mr Bradley Lingo, the Chairman of Oilex Ltd, will be extended by a further two months to 31 March 2020.

The expanded role, which was announced on 6 September 2019, for an initial term of 6 months, has focussed on the development and implementation of the Company's Cooper-Eromanga Basin strategy. The extension reflects the continued ongoing support from Mr Lingo following the Company's announcement dated 29 January 2020 regarding the proposed transaction with Doriemus plc. All other terms of the contract governing his expanded operational role remain the same as announced on 6 September 2019.

Related Party Transaction

Mr Lingo is a Director of the Company and accordingly the extension of his contract is classified as a related party transaction pursuant to the AIM Rules for Companies. The Directors of the Company, other than Mr Lingo, having consulted with Strand Hanson Limited, the Company's Nominated Adviser, consider that the terms of the extension of his contract are fair and reasonable insofar as the Company's shareholders are concerned.

For and on behalf of Oilex Ltd

Joe Salomon

Managing Director

For further information, please contact:

 
 Investor               AIM Broker                  AIM Nominated          Media Enquires         Media Enquiries 
 Enquires               Novum Securities            Adviser                (UK)                   (Aus) 
 Oilex Ltd              Broker                      Strand Hanson          Vigo Communications    Citadel-MAGNUS 
 Joe Salomon            Colin Rowbury               Limited                Public Relations       Michael Weir 
 Managing               Email:                      Nominated Adviser      Patrick                Email: 
 Director               crowbury@novumsecurities.   Rory Murphy/Ritchie    d'Ancona/Chris         mweir@citadelmagnus. 
 Email:                 com                         Balmer                 McMahon                com 
 oilex@oilex.com.au     Tel: +44 20                 Email:                 Email:                 Tel: +618 
 Tel: +61               7399 9427                   oilex@strandhanson.c   patrick.dancona@vigo   6160 4900 
 8 9485 3200            UK                          o.uk                   comms.com              Australia 
 Australia                                          Tel: +44 20            chris.mcmahon@vigoco 
                                                    7409 3494              mms.com 
                                                    UK                     Tel:+ 44 20 7390 
                                                                           0230 
                                                                           UK

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END

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February 11, 2020 02:00 ET (07:00 GMT)

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