3rd Oct 2013 09:55
LONDON (Alliance News) - Oilex Limited Thursday said it has moved forward with conditions relating to its proposed sale of 15% interest in the Cambay production-sharing contract in India.
The exploration-and-development oil company said that it has received formal notice from each of the Cambay joint-venture participants that they have agreed to waive their pre-emption rights under the joint venture.
The company said the deal meant that Magna Energy Limited would acquire a 10% participating interest in in the venture from Oilex for USD4 million and an additional 5% interest in options for USD2 million.
Oilex said that Magna has already paid the company a USD200,000 deposit towards the sale.
Oilex said the only remaining sale agreement condition remaining is the receipt of shareholder approval for the deal which is scheduled to occur following a general meeting on Friday.
Oilex shares were up 0.9% to 2.90 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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