26th Nov 2019 17:47
(Alliance News) - Oilex Ltd said Tuesday that Singapore International Arbitration Commission has refunded GBP102,500 in arbitration fees paid by the company.
Furthermore, the company said it has also received GBP117,000 in cash payments from Gujarat State Petroleum Corp.
Back in September, the company said that the arbitration tribunal of the Singapore International Arbitration Commission had issued an order terminating proceedings instituted by GSPC.
Accordingly, the Singapore International Arbitration Commission has now substantially refunded the arbitration fees previously submitted by Oilex.
The cash call payments received by Oilex from GSPC relate to the Cambay field in the Indian state of Gujarat and Bhandut PSC work programme and budgets after the issue of the Event of Default in May 2018.
Oilex shares closed 7% higher in London at 0.21 pence each on Tuesday.
By Loreta Juodagalvyte; [email protected]
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