11th Feb 2014 12:45
LONDON (Alliance News) - Oilex Ltd Tuesday said it has received another good faith payment from PT Sumatera Persada Energi as part Oilex's USD4.8 million arbitration award for the West Kampar site.
The exploration-and-development oil company said the payment represents a significant step forward in the ongoing negotiations to reach an amicable commercial settlement.
In June 2010, Oilex won its claim against PT Asiabumi Petroleo, the parent company of PT Sumatera Persada Energi, and operator of the West Kampar Production Sharing Contract in Indonesia.
The award came after SPE failed to repay a debt owed to Oilex under a previous agreement between the two parties.
Oilex announced in a recent quarterly production report that it received another USD100,000 as a good faith payment as part of the ongoing negotiations.
The company said that discussions between the parties to recover the cash continue to progress, and Oilex will inform the market when further material information becomes available.
Oilex shares were up 9.1% to 5.32 pence, putting it in the top AIM movers Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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