The board of Oilex Limited has arranged the funding required to complete the acquisition of GSPC s 55% participating interest (PI) in the Cambay PSC.
This follows the announcement on 6 April 2021, in which, the company announced that GSPC had provided notification that it had approved the sale of its 55% PI in Cambay to Oilex for the purchase price of US$2.2 million.
Following completion of the transaction, Oilex will hold a 100% participating interest in Cambay, and this will provide Oilex with the ability, subject to sourcing the necessary additional funding, to restart field work including a work programme, consisting of the drilling of two vertical wells to appraise the Eocene gas accumulation.
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