4th Sep 2018 12:59
LONDON (Alliance News) - Oilex Ltd said on Tuesday its shares have been restored to trading on the AIM market following the court's decision to adjourn the matter at Gujarat State Petroleum Corp's request until September 19.
Oilex shares have resumed trading down 1.6% at 0.22 pence on Tuesday.
At the end of July, Oilex said it had requested the 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 Tuesday.
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