To be honest, it is unlikely that you will actually get a refund there.

Sadly, because of nature of bought items. virtual purchases are not governed under the refund laws etc. (This does also apply to CD-Keys, so always make sure to check if the site you are buying from does allow refunds)

Still, wishing you luck, maybe Oasis will decide to actually give you money back, or maybe PayPal's rules will let you get it back, but you do have to remember your account will be suspended as long as that money is missing.
Usually, paying that money back would automatically un-ban the account, but it would be good to check the ToS to make sure about that. Of course this does not matter to you if you do not intend to keep playing.