LONDON (Alliance News) - Sydney and London-listed Oilex Ltd had its shares on the London Stock Exchange suspended just after midday on Friday as it continues to seek take control of its Indian joint venture.
The LSE made the move to suspend the shares "at the request" of Oilex "pending an announcement."
Prior to the stock's suspension from trading in London, shares were 89% higher at 0.26 pence on Friday.
Earlier on Friday, Oilex requested its shares in Sydney be halted from 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.