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Pin to quick picksOilex Regulatory News (OEX)

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Extension of Bid closing Date for Cambay

Mon, 2nd Dec 2019 07:00

RNS Number : 2442V
Oilex Ltd
02 December 2019
 

ASX-RNS Announcement

 

 

2 December 2019

 

 

ASX: OEX

AIM: OEX

 

Extension of Bid Closing Date for Cambay

 

Oilex Ltd (Oilex or the Company) advises that the closing date for submission of bids in the formal sale process for Gujarat State Petroleum Corporation's (GSPC) 55% participating interest (PI) in the Cambay PSC has been extended from 30 November 2019 to 21 December 2019.  The extension is to provide additional time for further potential bidders that have only recently entered into the sale process.

 

On 9 September 2019, the Company announced that it had reached a settlement with GSPC to resolve the ongoing Cambay PSC dispute whereby GSPC undertook to use its best endeavours to complete the sale process of its PI within 90 days of commencing the process, this being 26 September 2019.  Pursuant to the settlement, the Event of Default and Event of Withdrawal declared by Oilex with regard to the Cambay Field Joint Operating Agreement were withdrawn and the arbitration proceedings, which had been lodged by GSPC with Singapore International Arbitration Commission were terminated.  Furthermore, the stay order granted in the High Court of Gujarat was also removed.

 

Oilex holds a first right of refusal where GSPC disposes of its 55% interest in the Cambay PSC.

 

For and on behalf of Oilex Ltd

 

 

 

Joe Salomon

Managing Director

 

 

For further information, please contact:

 

Investor Enquires

Oilex Ltd

Joe Salomon

Managing Director

Email: oilex@oilex.com.au

Tel: +61 8 9485 3200

Australia

AIM Broker

Novum Securities

Broker

Colin Rowbury

Email: crowbury@novumsecurities.com

Tel: +44 20 7399 9427

UK

AIM Nominated Adviser

Strand Hanson Limited

Nominated Adviser

Rory Murphy/Ritchie Balmer   

Email: oilex@strandhanson.co.uk

Tel: +44 20 7409 3494

UK

Media Enquires (UK)

Vigo Communications

Public Relations

Patrick d'Ancona/Chris McMahon

Email: patrick.dancona@vigocomms.com

chris.mcmahon@vigocomms.com

Tel:+ 44 20 7390 0230 UK

Media Enquiries (Aus)

Citadel-MAGNUS

Michael Weir

Email: mweir@citadelmagnus.com

Tel: +618 6160 4900

Australia

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCEAFAAEFSNFEF
Date   Source Headline
17th Jan 20202:05 pmRNSUpdate on Cambay Sale Process
7th Jan 20207:34 amRNSNotice of Change of Interest of Substantial Holder
3rd Jan 20207:00 amRNSIssue of Securities
31st Dec 20198:31 amRNSExercise of Options and Underwriting
23rd Dec 20197:30 amRNSEast Irish Sea Licence Acquisition

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