Oilex Ltd Update on proposal to acq interest in Cambay PSC (0837P)
February 15 2021 - 1:59AM
UK Regulatory
TIDMOEX
RNS Number : 0837P
Oilex Ltd
15 February 2021
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 9(th) 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were withdrawn providing a pathway for the proposed sale of GSPC's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 AIM Broker AIM Nominated Media Enquires
Oilex Ltd Novum Securities Adviser (UK)
Joe Salomon B roker Strand Hanson Vigo Communications
Managing Director Colin Rowbury Limited Public Relations
Email: oilex@oilex.com.au Email: Nominated Adviser Patrick d'Ancona/Chris
Tel: +61 8 9485 crowbury@novumsecurities.co Rory Murphy/Ritchie McMahon
3200 m Balmer Email:
Australia Tel: +44 20 7399 Email: patrick.dancona@vigocomms.c
9427 oilex@strandhanson.co.uk om
UK Tel: +44 20 7409 chris.mcmahon@vigocomms.com
3494 Tel:+ 44 20 7390
UK 0230 UK
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