Oilex completes sale of 40% interest in Bhandut

Fri, 28th May 2021

Oilex has completed the sale of its 40% participating interest in the Bhandut Production Sharing Contract to Indian firm Kiri and Company Logistics Private. Oilex has received US$290,000 from the buyer and an additional payment of US$28,000 is expected for final cash calls related to Oilex's interest in the Bhandut PSC. On 28 January 2020, Oilex announced that it had accepted an offer from Kiri, which has also expressed an interest in engaging the services of Oilex's office on a contract basis to review field production, stabilize operations, and initiate field re-development of the Bhandut PSC in accordance with the Field Development Plan. This process is currently underway. The field has been on care and maintenance for some time and has existing production facilities. Oilex's managing director Joe Salomon said: 'Finalisation of this transaction is very welcome as it provides additional working capital for the Company which can be applied towards future costs on the existing Cambay and East Irish Sea projects. We wish Kiri success in their efforts on the Bhandut field.' At 8:11am: (LON:OEX) Oilex Ltd share price was 0p at 0.07p Story provided by StockMarketWire.com

FTSE 100 Latest