From RNS10 Aug 2018 13:25
Event of Default Notice
"On 29 May 2018, the Company advised that it had issued an Event of Default Notice (EoD Notice) to GSPC regarding the Cambay project for the amount of equivalent US$3,054,832. The EoD Notice, issued pursuant to the terms of the JOA, is a consequence of GSPC's ongoing failure to pay its participating interest share of the expenses of the Cambay PSC."
"The principal objective of the EoD was to ensure alignment of joint venture parties going forward with an increase in Oilex's participating interest in Cambay from 45% to 100% greatly assisting the Company in future strategic farm-in discussions with third parties".