Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Update on Cambay Sale Process

3rd Mar 2020 12:24

RNS Number : 8719E
Oilex Ltd
03 March 2020
 

ASX-RNS Announcement

 

 

3 March 2020

 

 

ASX: OEX

AIM: OEX

 

Update on Cambay Sale Process

 

Oilex Ltd (Oilex or the Company) is pleased to advise that it has declined the first right of refusal (ROFR) where Gujarat State Petroleum Corporation (GSPC) disposes of its 55% interest in the Cambay PSC. The right of first refusal is regarding the settlement agreement with GSPC, as announced on 9 September 2019, whereby GSPC undertook to use its best endeavours to complete the sale process of its Participating Interest (PI).

 

Following the closing for submission of bids on 23 December 2019, the Company announced on 23 January 2020 that GSPC had opened the bids received for its PI and invited the preferred bidder to finalise negotiations. With the ROFR now declined by Oilex, the Company understands that GSPC can now move forward to execute the final sale agreement with the preferred bidder and make the applicable submissions to Government of India.

 

We note that the sale process of GSPC's PI is internal and confidential to GSPC. The Company will update the market once further information on the sale process becomes available.

 

Commenting on this development, Managing Director, Joe Salomon stated:

 

" This places us a step closer to realising the potential that has long been recognised in the Cambay project. Oilex has been striving to regain traction on a new program of drilling the EP-IV gas sands and looks forward to a new partner entering the project".

 

 

For and on behalf of Oilex Ltd

 

 

 

Joe Salomon

Managing Director

 

 

For further information, please contact:

 

Investor Enquires

Oilex Ltd

Joe Salomon

Managing Director

Email: oilex@oilex.com.au

Tel: +61 8 9485 3200

Australia

AIM Broker

Novum Securities

Broker

Colin Rowbury

Email: crowbury@novumsecurities.com

Tel: +44 20 7399 9427

UK

AIM Nominated Adviser

Strand Hanson Limited

Nominated Adviser

Rory Murphy/Ritchie Balmer

Email: oilex@strandhanson.co.uk

Tel: +44 20 7409 3494

UK

Media Enquires (UK)

Vigo Communications

Public Relations

Patrick d'Ancona/Chris McMahon

Email: patrick.dancona@vigocomms.com

chris.mcmahon@vigocomms.com

Tel:+ 44 20 7390 0230 UK

Media Enquiries (Aus)

Citadel-MAGNUS

Michael Weir

Email: mweir@citadelmagnus.com

Tel: +618 6160 4900

Australia

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDEAADDEAFEEFA

Related Shares:

OEX.L
FTSE 100 Latest
Value8,850.63
Change-34.29