Placement and Rights Issue to Fund 2015/16 Work Programme

• Two tranche placement and underwritten rights issue to raise US$23 million (A$30 million) (Capital Raising)*
• Fully funded to deliver the Cambay Field 2015/16 work programme, a transformational event for the Company
• First tranche placement completed to raise US$1.4 million (A$1.8 million)
• Second tranche placement completed to raise US$16.3 million (A$21.2 million), subject to shareholder approval
• Fully underwritten rights issue to raise US$5.3 million (A$7.0 million) 
• Funds will be used for:
o the Cambay and Bhandut Field work programmes for 2015/16 year
o minimum work commitments in the Canning Basin and working capital
• Zeta Resources Limited (Zeta) to acquire approximately 19.6% interest in Oilex 

Oilex Ltd (the Company) will, under its ASX Listing Rule 7.1 capacity, issue 45,393,466 new ordinary shares at an issue price of A$0.041 to sophisticated investors to raise A$1.8 million (US$ 1.4 million) (before issue costs) (First Tranche Placement).  The Company will seek shareholder approval for the issue of a further 287,303,319 new ordinary shares at an issue price of A$0.041 (2 pence) and 225,490,196 new ordinary shares to be issued at A$0.0418 (2.04 pence), to raise A$21.2 million (US$16.3 million) (before issue costs) (Second Tranche Placement). 

Under the Second Tranche Placement, 225,490,196 new ordinary shares will be placed with Zeta (Zeta Deferred Shares) and will be purchased at a higher price of A$0.0418 (2.04 pence). The higher price being paid by Zeta is in consideration of a deferred settlement date for the Zeta Deferred Shares of up to a maximum of 5 months following the holding of the General Meeting to seek shareholder approval of the Second Tranche Placement (subject to receipt of a waiver from ASX, otherwise settlement will occur within 3 months from the date of the General Meeting).  This deferred settlement is not expected to impact the timing of the Cambay and Bhandut Field 2015/16 work programmes. Further information on Zeta is included in the “Details of the Capital Raising” section of this announcement.

To view the entire announcement, please click on the link below.

Placement Rights Issue