LONDON (Alliance News) - Sydney and London-listed Oilex Ltd requested on Friday its shares be halted trading until next Tuesday, whilst it continues to try to take control of the outstanding share of a joint venture from its partner.
In late July, Oilex said it was seeking to exercise its option to force the withdrawal of its joint venture partner for its Cambay oil field in India. Oilex is looking to assume the interest of Gujarat State Petroleum Corp Ltd in Cambay, after it failed to pay its share of the expenses for the project.
Oilex - an oil and gas exploration firm - seeks a trading halt in Sydney pending an announcement relating to the matter. It wishes the halt to remain in place until a statement is made on Cambay or until next Tuesday, whichever is sooner.
Oilex added it was "not aware of any reason" why the trading halt should not be granted to it.
Shares in Oilex continued to trade in London on Friday. They were 66% higher at 0.23 pence, having earlier hit a high of 0.29p.