Oilex Sells 5% Interest in Cambay Tight Gas PSC

Oilex Ltd has said that Magna Energy Limited has exercised its option to acquire an additional 5% participating interest in the Cambay PSC in Gujarat, India for $2 million pursuant to the agreement dated 9 August 2013. 

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, the company said. 

According to Oilex, 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.  

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.

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