13th Dec 2016 10:01
LONDON (Alliance News) - Oilex Ltd on Tuesday said it has submitted a conditional offer for an additional 55% interest in the Cambay production sharing contract, after Gujarat State Petroleum Corp Ltd initiated a competitive bid process for the possible disposal of its interest in the contract.
Oilex currently holds a 45% stake in the production sharing contract, after initially acquiring a 30% stake in 2005, before buying a further 15% stake from Niko Resources Ltd.
If Oilex's offer is accepted, it will own 100% of the production sharing contract, which covers the Cambay field in Gujarat state in India.
"Pursuant to the tender process, Oilex will consider its strategic options for Cambay in order to realise value for shareholders. The company will continue to update the market on any material developments," Managing Director Joe Salomon said in a statement.
Shares in Oilex were trading down 5.7% at 0.401 pence on Tuesday.
By Karolina Kaminska; [email protected]; @KarolinaAllNews
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