28th Jan 2020 14:52
(Alliance News) - Oilex Ltd said Tuesday it has agreed to sell its 40% participating interest in Bhandut PSC oil field, located in India to Kiri & Co Logistics Private Ltd for USD140,000.
Gujarat State Petroleum Corp has also invited parties to make submissions to acquire its 60% participating interest in Bhandut with Kiri selected as preferred bidder.
Furthermore, Kiri has expressed an interest in engaging Oilex to review field production, stabilize operations and initiate field re-development of the Bhandut PSC in accordance with the field development planning.
Bhandut is presently shut-in and has been fully provided for in the Oilex financial statements, the company noted.
Oilex said the sale of its participating interest in Bhandut is conditional on the completion of the sale of GSPC's participating interest in Bhandut to Kiri on or before March 31.
Oilex shares were trading 1.5% higher in London at 0.17 pence each on Tuesday.
By Loreta Juodagalvyte; [email protected]
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