15th Feb 2021 07:59
ASX-RNS Announcement
15 February 2021
ASX: OEX
AIM: OEX
Update regarding Oilex's proposal to acquire Gujarat State Petroleum's Interest in Cambay PSC
On 9th September 2019, Oilex Ltd (Oilex or the Company) announced it had reached an agreement with Gujarat State Petroleum Corporation (GSPC) pursuant to which GSPC would enter into a sale process for GSPC's 55% Participating Interest in the Cambay Production Sharing Contract (Cambay) (the GSPC Sale) which, upon completion, would resolve the ongoing Cambay PSC dispute (Agreement).
Pursuant to the Agreement, all the pending legal proceedings were withdrawn providing a pathway for the proposed sale of GSPC's 55% interest in Cambay. While the execution of the Agreement has been delayed by the impact of COVID-19 pandemic, Oilex and GSPC have continued to work together to bring this matter to completion.
In this regard, the Company advises that Oilex and GSPC are in advanced discussions where it is proposed for Oilex to acquire GSPC's 55% participating interest in Cambay. Oilex also advises that it is in advanced discussions with third parties to provide finance, including working capital, to Oilex should this occur.
The Company advises that the discussions have not reached completion and there can be no certainty that any agreement will be reached. Further announcements will be made as new information comes to hand.
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: [email protected] Tel: +61 8 9485 3200 Australia | AIM Broker Novum Securities Broker Colin Rowbury Email: [email protected] Tel: +44 20 7399 9427 UK | AIM Nominated Adviser Strand Hanson Limited Nominated Adviser Rory Murphy/Ritchie Balmer Email: [email protected] Tel: +44 20 7409 3494 UK | Media Enquires (UK) Vigo Communications Public Relations Patrick d'Ancona/Chris McMahon Email: [email protected] Tel:+ 44 20 7390 0230 UK |
Related Shares:
OEX.L