LONDON (Alliance News) - Oilex Ltd said on Tuesday it has suspended trading in its shares on AIM and the Australian Securities Exchange as it appears in the High Court of Gujarat in India.
At the end of July, Oilex said it had requested the director general of Hydrocarbons and the Ministry of Petroleum & Natural Gas to transfer Gujarat State Petroleum Corp's interest in the Cambay production sharing contract to Oilex.
The request was made in accordance with the joint operating agreement following GSPC's failure to remedy an event of default notice within the 60-day period, resulting from the business not paying its interest share of Cambay PSC expenses, according to Oilex.
In mid-August, GSPC served an order from the High Court directing Oilex to not take any coercive steps against GSPC until Tuesday.