Oilex Ltd Oilex tenders for 55% interest in Cambay PSC (6896R)
December 13 2016 - 3:23AM
UK Regulatory
TIDMOEX
RNS Number : 6896R
Oilex Ltd
13 December 2016
ASX Announcement
13 December 2016
ASX: OEX
AIM: OEX
Oilex tenders for additional 55% interest in Cambay PSC
Oilex Ltd (the Company) is pleased to advise that it has
participated in a formal tender process submitting a conditional
offer for an additional 55% interest in the Cambay PSC (Cambay).
Oilex has submitted the offer in response to a competitive bid
process initiated by Gujarat State Petroleum Corporation Limited
(GSPC) for the possible disposal of its interest in Cambay. If
successful in the tender process, Oilex would increase its current
45% interest to 100% of Cambay.
In addition to GSPC's agreement to any potential sale, Indian
regulator approvals will be required to effect the sale/transfer of
GSPC's interest in Cambay.
Pursuant to the Cambay JOA, Oilex is the Operator and holds a
pre-emptive right in respect of the possible sale of GSPC's
interest in Cambay to a third party.
Pursuant to the tender process, Oilex will consider its
strategic options for Cambay in order to realise value for
shareholders. The Company will continue to update the market on any
material developments.
Joe Salomon
Managing Director
For further information, please contact:
Investor Nominated Media Enquires Media Enquiries
Enquiries Adviser (UK) (Aus)
Oilex Ltd Strand Hanson Vigo Communications Citadel-MAGNUS
Joe Salomon Limited Public Relations Michael Weir
Managing Nominated Patrick d'Ancona/Chris Email:
Director Adviser McMahon mweir@citadelmagnus.com
Email: oilex@oilex.com.au Rory Murphy/Ritchie Email: Tel: +618
Tel: +61 Balmer patrick.dancona@vigocomms.c 6160 4900
8 9485 3200 Email: om Australia
Australia oilex@strandhanson.co.uk chris.mcmahon@vigocomms.com
Tel: +44 20 Tel: +44 20
7409 3494 7830 9700
UK
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December 13, 2016 03:23 ET (08:23 GMT)
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