16th Oct 2018 15:38
LONDON (Alliance News) - Oilex Ltd said Tuesday its shares resumed trading on London's AIM as the company's High Court of Gujarat case in India continues.
The company's shares were temporarily suspended from trading on AIM as its dispute with Gujarat State Petroleum Corp rumbled on but were restored Tuesday afternoon despite the court case continuing.
Shares in Oilex were down 7.3% Tuesday afternoon at 0.19 pence each.
The oil & gas explorer said the matter has not been resolved and will be held over until Wednesday to allow for final legal arguments to be heard following "insufficient" time Tuesday.
Oilex does not believe a final decision will be made Wednesday but instead it "may occur" on Monday next week.
The company requested its shares be suspended from trading pending an announcement with an update regarding the court's proceedings. Oilex shares had been suspended last Thursday but resumed trading that same day after the court case was adjourned to Monday.
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.
Related Shares:
OEX.L