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Oilex Ltd (OEX)

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Tuesday 13 April, 2021

Oilex Ltd

Bhandut PSC PI Sale Finalisation

RNS Number : 2654V
Oilex Ltd
13 April 2021
 

ASX-AIM Announcement

13 April 2021

ASX: OEX

AIM: OEX

 

Bhandut PSC PI Sale Finalisation

 

Oilex Ltd (Oilex or the Company) is pleased to announce that all necessary approvals from the Government of India (GoI) for the sale of its Participating Interest (PI) in the Bhandut PSC have now been completed.  Following the approval from the GoI, all conditions precedent to the sale of its PI in Bhandut have now been met with settlement of the US$0.29 million consideration from the buyer expected later this month.

 

Background

 

On 28 January 2020, Oilex announced that it had accepted an offer from Indian based Kiri and Company Logistics Private Limited (Kiri) to acquire the Company's PI in Bhandut.  Oilex held a 40% PI in the Bhandut Field, with GSPC holding the remaining PI. The Company will receive US$0.29 million in cash proceeds for the sale of its PI and transfer of operatorship rights to Kiri.  As previously reported, Kiri has expressed an interest in engaging the services of Oilex's office on a contract basis to review field production, stabilize operations, and initiate field re-development of the Bhandut PSC in accordance with the FDP and this process is currently underway. 

 

The field has been on care and maintenance for some time and has existing production facilities.  Bhandut has been fully provided for in the Oilex financial statements.

 

Oilex's Managing Director Mr Joe Salomon said:

 

"While completion of this transaction has taken longer than anticipated, primarily due to the impact of Covid-19, a positive outcome has now been achieved.  This sale provides Oilex with additional current and future cash which will be applied to the existing Cambay and East Irish Sea projects.  We wish Kiri success in their efforts on the Bhandut field."

 

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

B roker

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

 

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