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Oilex Ltd (OEX)

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Friday 17 January, 2020

Oilex Ltd

Update on Cambay Sale Process

RNS Number : 2110A
Oilex Ltd
17 January 2020
 

ASX-RNS Announcement

 

 

17 January 2020

 

 

ASX: OEX

AIM: OEX

 

Update on Cambay Sale Process

 

Oilex Ltd (Oilex or the Company) advises that Gujarat State Petroleum Corporation (GSPC) has now opened the bids received for the sale of its 55% participating interest (PI) in the Cambay PSC.  The sale process being conducted by GSPC, which is internal and confidential, is pursuant to the settlement agreed between Oilex and GSPC as announced on 9 September 2019.

 

Oilex understands that a preferred bidder has been identified by GSPC, which will be invited by GSPC to finalize negotiations before seeking applicable regulatory approvals in India.  The Company will update the market once further information on the GSPC sale process becomes available.

 

Oilex holds a first right of refusal where GSPC disposes of its 55% interest in the Cambay PSC.

 

 

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]

[email protected]

Tel:+ 44 20 7390 0230 UK

Media Enquiries (Aus)

Citadel-MAGNUS

Michael Weir

Email: [email protected]

Tel: +618 6160 4900

Australia

 

 

 


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