Oilex Ltd - Australian oil & gas exploration and production company - Says Gujarat State Petroleum Corp Ltd has approved the sale of its 55% interest in Cambay PSC to Oilex for USD2.2 million. Notes Oilex will now hold a 100% interest in Cambay and have the ability to restart a work program consisting of drilling two vertical wells to appraise the Eocene gas accumulation. Says completion is expected to occur in the second quarter of 2021 following the finalisation of a binding sales and purchase agreement, and funding arrangements.
"The long-awaited resolution provides the company with a pathway to evaluate the significant gas resource potential identified at Cambay. Oilex and GSPC continue to work together to finalise past pending costs related to certain field costs and regulatory spending prior to 2018," says Oilex Managing Director Joe Salomon.
Current stock price: 0.44 pence, up over 100% on Thursday having opened at 0.16p
Year-to-date change: up from 0.080p on December 31
By Zoe Wickens; zoewickens@alliancenews.com
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