StockMarketWire.com - Oilex's [LON:OEX] shares were up in late trading after it provided notice to the Court and Zeta Resources of its intention to defend the legal proceedings and agreed a timetable with Zeta by which Oilex will file and serve its defence and cross claim by 16 December 2015.

The parties are presently engaged in discussions to explore options for a commercial resolution of the dispute, the subject of the legal proceedings.

The parties have further agreed with the approval of the Court, not to take further steps in the legal proceedings until 1 March 2016 (other than filing and serving the defence and cross claim).

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The Supreme Court has allowed an appeal by Eclairs Group and Glengary Overseas and their nominees against the Court of Appeal's judgment that the voting restrictions placed on them on 31 May 2013 by JKX [LON:JKX] were valid.

The High Court had already found that the board had reasonable cause to believe that information provided by Eclairs and Glengary in response to requests from JKX for particulars of their respective interests in JKX was false or materially inaccurate. It had further found that the board acted in good faith with the intention of protecting the Company and its shareholders as a whole.

As a consequence of the Supreme Court's judgment, the votes cast by Eclairs and Glengary since 31 May 2013 do count. Therefore ordinary resolution 2 and special resolution 9 at this year's annual general meeting on 3 June, which respectively approved the directors' remuneration report and authorised the Company to make market purchase of its own shares, were not passed.

The board will consider the implications of the judgment and will continue to take all appropriate steps to protect and promote JKX's best interests.

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Gulf Keystone Petroleum [LON:GKP] has confirmed that, further to the recent statement by the Kurdistan Regional Government regarding the November payment to the exporting international oil companies in the region, a gross payment of US$15 million (US$12 million net to Gulf Keystone) has been received by the Company.

This payment satisfies the Company's invoice for the month of November 2015 which, at the request of the KRG's Ministry of Natural Resources, was submitted on 19 November 2015. Following the payment, the Company's current cash position will be US$54.6 million.

Chief executive Jón Ferrier said: "We continue to drive the Company forward with three principal strategic objectives: safe and reliable operations, commercial sustainability of the business achieved through regular monthly payments and addressing of the arrears, and constructive relationships with our host government, shareholders and bondholders. We have made substantial progress on a number of fronts during 2015, including the 114% increase in the Company's 2P reserves, and maintained stable production levels throughout the year."

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The sector's biggest riser was Tower Resources [LON:TRP] - up by over 5.5% in late trading - while the biggest faller was Caza Oil & Gas [LON:CAZA] - down by more than 18.1%.



At 3:50pm:

[LON:AUR] Aurum Mining PLC share price was 0p at 0.73p

[LON:BOR] Borders Southern Petroleum PLC share price was +0.01p at 1.83p

[LON:CAZA] Caza Oil Gas Inc share price was -0.05p at 0.23p

[LON:CHAR] Chariot Oil Gas Ltd share price was -0.28p at 5.8p

[LON:ENQ] EnQuest Plc share price was +0.13p at 22.88p

[LON:FOGL] Falkland Oil Gas Ltd share price was +0.18p at 8.28p

[LON:GKP] Gulf Keystone Petroleum share price was -2p at 17.75p

[LON:GPX] Gulfsands Petroleum PLC share price was -0.13p at 2.63p

[LON:INDI] Indus Gas Ltd share price was -2.12p at 116.38p

[LON:JKX] JKX Oil Gas PLC share price was -0.25p at 27.75p

[LON:OEX] Oilex Ltd share price was +0.03p at 0.65p

[LON:PET] Petrel Resources PLC share price was -0.13p at 3.25p

[LON:RKH] Rockhopper Exploration PLC share price was -0.12p at 29.63p

[LON:RPT] Regal Petroleum PLC share price was +0.01p at 3.86p

[LON:TRP] Tower Resources PLC share price was +0.01p at 0.1p

[LON:XEL] Xcite Energy Ltd share price was -0.5p at 17.5p



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