Oilex Says Two Well Drilling Program at Cambay Field in Gujarat Faces Delay
Zeta has alleged that the Company has failed to disclose material information to it prior to its initial investment and has contravened statutory provisions relating to misleading or deceptive conduct and continuous disclosure and rights issue disclosure requirements. Whilst Zeta has at this stage only provided limited information to the Company regarding the basis of these allegations, Oilex considers them to be without merit and they will be vigorously defended.
The Board of Oilex is considering the full implications and options to progress the development of the Cambay Field, as a consequence of Zeta failing to settle the subscription of the Convertible Notes.
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