Oilex has reached an agreement to end legal proceedings with shareholder Zeta Resources, meaning neither company will pursue claims made against one another.
It said the legal proceedings were to be dismissed on a no admission of liability basis.
Oilex has also agreed to make a payment to Zeta on account of costs of the litigation of A$490,000.
The company said it took into account the “significant costs and inherent uncertainty” of litigation.
The dispute concerned an investment agreement entered into by Zeta earlier this year, which was not fully executed. Zeta believed Oilex had not informed it of information regarding its joint venture partner in India.
In December Oilex had filed a cross-claim against Zeta requiring it to perform its obligations or otherwise pay damages.
“Reaching this settlement means Oilex can focus fully on advancing its operations, which is in the best interests of all shareholders,” the company said in a statement.
Managing director Joe Salomon, said: “Oilex looks forward to progressing the Cambay joint venture and the other assets in the Oilex portfolio and will keep shareholders informed as matters progress.”
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