19th Sep 2018 12:20
LONDON (Alliance News) - Shares in Oilex Ltd resumed trading after being suspended in London and Sydney earlier Wednesday, as it appeared in the High Court of Gujarat, India in its dispute with Gujarat State Petroleum Corp.
Shares in Oilex resumed trading down 4.9% at 0.20 pence on Wednesday.
The matter was only partly heard by the court and has been adjourned until Thursday next week.
"We are confident that the company has followed the correct legal process and will continue to fully enforce its rights," said Managing Director Joe Salomon.
At the end of July, Oilex said it had requested India's director general of Hydrocarbons and the Ministry of Petroleum & Natural Gas to transfer GSPC's interest in the Cambay production sharing contract to Oilex.
The request was made in accordance with the joint operating agreement following GSPC's failure to remedy an event of default notice within the 60-day period, resulting from the business not paying its interest share of Cambay PSC expenses, according to Oilex.
In mid-August, GSPC served an order from the High Court directing Oilex to not take any coercive steps against GSPC until September 4.
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