(Alliance News) - Oilex Ltd on Friday said Gujarat State Petroleum Corp has commenced a formal sale process for its 55% stake in the Cambay field in India.
Oilex, which holds a 45% interest in the field, has a first right of refusal should Gujarat State Petroleum decide to dispose of its 55% holding.
Earlier in September, the two companies reached to settlement which saw Gujarat State Petroleum commit to starting a formal sale process to resolve an ongoing dispute.
Managing Director Joe Salomon said: "The process which will facilitate the recommencement of an active work programme at Cambay is now well underway. Considering the sale process, we believe we are approaching an exciting turning point with strong interest in the large gas resource at Cambay by a number of technically and financially capable companies."
Shares in Oilex were 0.7% higher at 0.28 pence each in London on Friday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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