Oilex has filed its defence in Australia’s Federal Court proceedings initiated by Zeta Resources.
The company has also filed a cross-claim against Zeta seeking orders of specific performance requiring Zeta to perform its obligations and complete the relevant share subscription and convertible note agreements or otherwise pay damages to Oilex.
The company said it will proceed to strongly defend the action and prosecute its cross-claim against Zeta if no resolution is reached in the discussions which will now occur between the parties.
Earlier this month Oilex revealed it had agreed with Zeta, with court approval, not to take further steps in the legal proceedings until March 1.
The dispute concerns an investment agreement entered into by Zeta earlier this year, which was not fully executed. Zeta believes Oilex had not informed it of information regarding its joint venture partner in India.