Oilex fails to settle with Zeta over legal dispute

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Oilex has so far failed to reach a resolution with with Zeta Resources relating to a joint venture in India.

The deadline had been set as March 1, however discussions are continuing and Oilex told investors that Zeta must file and serve to the Australian federal court any reply and defence to Oilex’s cross claim by March 29.

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.

In December the company filed a cross-claim against Zeta requiring it to perform its obligationsvor otherwise pay damages to Oilex.