(Alliance News) - Oilex Ltd on Thursday said it sealed the sale Cooper-Eromanga basin assets and added that its pursuit of regaining an interest in West Kampar, Indonesia is progressing.
The oil and gas explorer in June said it had struck an agreement with Armour Energy Ltd to sell the Australian assets in exchange for 34.5 million Armour shares in two tranches.
Armour on Thursday issued 22.1 million shares to Oilex, the company said.
In Indonesia, Oilex said its efforts to regain a stake in the West Kampar asset are gathering pace.
The company has engaged in discussions with a government task force responsible for oil and gas activity.
In India, Oilex explained its joint-venture partner Gujarat State Petroleum Corp's planned sale of the Cambay asset "remains ongoing", though Covid-19 is causing some delays.
"Regular dialogue continues with both GSPC and the requisite representatives of the government of India to bring these efforts to a positive conclusion," Oilex added.
Back in March, Oilex said it declined the first right of refusal for GSPC's stake in the Cambay oil field.
Oilex shares were 5.6% higher at 0.066 pence each in London on Thursday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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