18th Oct 2019 14:07
(Alliance News) - Oilex Ltd on Friday said that the High Court of Gujarat has lifted the stay order obtained by Gujarat State Petroleum Corporation for the Cambay field in India.
Oilex shares were 23% up in London at 0.27 pence each on Friday at midday.
In September, the oil and gas exploration and production company said it had reached a settlement with Gujarat State Petroleum to resolve the ongoing dispute.
As part of the settlement, Gujarat State Petroleum undertook to complete a sales process for its 55% participating interest in Cambay field within 90 days.
Oilex, which holds a 45% interest in the Cambay field, has a first right of refusal if Gujarat State Petroleum decides to sell its 55% interest.
Joe Salomon, managing director of Oilex, said: "The removal of the stay order represents the final step in the cessation of the Cambay legal proceedings between the joint venture partners."
"With the GSPC's sale process now well underway, the company looks forward to the recommencement of an active work programme at Cambay in 2020," Salomon added.
By Loreta Juodagalvyte; [email protected]
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