27 December 2013
MAGNA EXERCISE OPTION FOR ADDITIONAL 5% IN CAMBAY DEVELOPMENT PSC
Oilex Ltd (ASX: OEX, AIM: OEX, "Oilex") is pleased to announce that Magna Energy Limited ("Magna") has exercised its option to acquire an additional 5% participating interest ("Option Interest") in the Cambay Production Sharing Contract ("PSC") for US$2 million pursuant to the Share Purchase Agreement dated 9 August 2013 ("SPA").
The acquisition of the Option Interest is subject to the non-exercise of 30 day pre-emptive rights held by the remaining joint venture participants, and receipt of Government of India approval. After receipt of such approval and assuming no pre-emptive rights are exercised, Magna will hold a 15% participating interest in the PSC with Oilex retaining a 30% participating interest.
For further information, please contact:
Oilex Ltd Ron Miller, Managing Director Email: [email protected] Tel: +61 8 9485 3200 Australia |
RFC Ambrian Limited Nominated Adviser and AIM Broker Samantha Harrison Email: [email protected] Tel: +44 203 440 6800 UK |
Tavistock Communications Conrad Harrington Email: [email protected] Tel: +44 207 920 3150 UK |
ABOUT MAGNA ENERGY
Magna Energy is a privately financed investment vehicle established in the UK. It is focused on oil and gas investment opportunities in emerging economies with growing energy demand and underexploited domestic hydrocarbon potential. Investors in Magna Energy have a successful track record in the Oil and Gas Industry.
