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Oilex Ltd  -  OEX   

Revised Remuneration & Grant of Options

Released 07:00 24-Dec-2013

RNS Number : 2922W
Oilex Ltd
24 December 2013


24 December 2013






Oilex Ltd (ASX: OEX, AIM: OEX, Oilex) announces that pursuant to an existing consultancy agreement with India Hydrocarbons Limited ("IHL"), (of which Mr Sundeep Bhandari non-executive director is a principal director and shareholder) is to be retained for an interim period to undertake additional responsibilities in India following the departure of Oilex's COO on 4 October 2013. Mr Bhandari is based in New Delhi. IHL will be paid an additional US$15,000 per month (plus taxes) and it is also proposed that IHL (or their nominee) be awarded 4 million options with a 15 cent exercise price and 5 year maturity, subject to shareholder approval.

Mr Bhandari will be taking on a more active role in India and is assisting in strategy, commercial and joint venture related issues. Given this fact, the Board considers that the additional remuneration is reasonable in the circumstances.


For and on behalf of the Board


Robert Ierace

Company Secretary



For further information, please contact:

Oilex Ltd

Ron Miller, Managing Director


Tel: +61 8 9485 3200


RFC Ambrian  Limited

Nominated Adviser and AIM Broker

Samantha Harrison   


Tel: +44 203 440 6800



Tavistock Communications

Conrad Harrington


Tel:   +44 207 920 3150



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Revised Remuneration & Grant of Options - RNS