25 February 2014
WAIVER OF PRE-EMPTION RIGHTS - MAGNA 5% OPTION INTEREST: CAMBAY PSC
Oilex Ltd (ASX: OEX, AIM: OEX, "Oilex") has received notice from each of its joint venture partners to the Cambay Production Sharing contract ("PSC") that they have waived all pre-emption rights in relation to the proposed purchase by Magna Energy Limited ("Magna") of an additional 5% participating interest ("Option Interest") in the PSC for a consideration of US$2 million pursuant to the Sale Purchase Agreement dated 9 August 2013 ("SPA").
The proposed acquisition of the Option Interest is ancillary to the original purchase by Magna of an initial 10% participating interest in the PSC ("Sale Interest") under the SPA.
The acquisition of the Option Interest and the Sale Interest remains subject to receipt of Government of India approval. Upon receipt of such approval, Magna will hold a 15% participating interest in the PSC with Oilex retaining a 30% participating interest.
Oilex is currently in discussions with Magna over payment of the US$2 million acquisition cost and Government of India approval timing.
For and on behalf of Oilex Ltd
Ron Miller
Managing Director
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 |
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