28 May 2021 | 08:11am
StockMarketWire.com - Oilex has completed the sale of its 40% participating interest in the Bhandut Production Sharing Contract to Indian firm Kiri and Company Logistics Private.
Oilex has received US$290,000 from the buyer and an additional payment of US$28,000 is expected for final cash calls related to Oilex s interest in the Bhandut PSC.
On 28 January 2020, Oilex announced that it had accepted an offer from Kiri, which has also expressed an interest in engaging the services of Oilex s office on a contract basis to review field production, stabilize operations, and initiate field re-development of the Bhandut PSC in accordance with the Field Development Plan. This process is currently underway.
Oilex has advised that the sale of its 40% participating interest in the Bhandut PSC has now completed following the receipt of US$290,000 from the buyer. An additional payment of US$28,000 is expected for final cash calls related to Oilex s interest in the Bhandut PSC.