Oilex Ltd (ASX:OEX) entered into share purchase agreement to acquire Holloman Petroleum Pty Ltd from Holloman Energy Corporation (OTCPK:HENC) for AUD 0.11 million on August 7, 2019. Oilex Ltd will issue 40.4 million shares and pay 0.024 million in cash. Oilex has issued 24.3 million ordinary shares as initial consideration with the final balance of 16.2 million shares and AUD 0.024 million payable at completion.

Completion is subject to shareholders approval of Oilex and the receipt of any consent, approval or signed document that is required to be obtained from any third-party or governmental agency in connection with the transaction. Completion is expected on or before September 30, 2019.