27th Dec 2013 07:59
LONDON (Alliance News) - Oilex Ltd Friday said Magna Energy Limited has exercised its option to acquire a further 5% interest in the Cambay Production Sharing Contract for USD2 million.
The exploration-and-development oil company said its share in the Indian production site has now fallen to a 30% equity interest while Magna now owns 15% of the site.
Oilex said that the acquisition is subject to certain conditions including the approval of the Indian government.
The company completed the sale of a 10% interest to Magna for USD3.8 million in November.
By Tom McIvor; [email protected]; @TomMcIvor1
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