8 minutes | Jun 10, 2021

Oilex Ltd (OEX.ASX.L) Execution of Cambay SPA - Joe Salomon, Managing Director Interview

Oilex Ltd (the Company) is pleased to announce that, further to recent announcements, the conditional binding sale and purchase agreement to acquire GSPC's 55% participating interest (PI) in the Cambay Production Sharing Contract (Cambay) (the Acquisition) has now been executed by both parties.

The ratification of the Acquisition by the Government of India is expected to occur in the coming months, which is the last outstanding condition to completion of the Acquisition Following completion of the previously announced equity raise, and shareholder approval provided on 8 June 2021, Oilex is currently securing a bank guarantee for the US$2.2 million consideration payable for the Acquisition.

Oilex's Managing Director, Mr Joe Salomon, said:

"Finalisation of this transaction marks an important milestone in re-establishing access to high potential gas production at the Cambay gas field and positions the Oilex, once more, as an active Indian energy company. Oilex remains one of the few international companies active in the sector in India where we see enormous potential both for gas projects as well as renewable energy and carbon abatement projects. During the next few months, we will determine the Company's optimal participation level in the project and re-commence operational activities. Over the past few years, we have continued to review additional projects while also continuing to progress our UK assets. As a result, from this stronger platform we see opportunities to build on Oilex's current project inventory. I would like to take this opportunity to thank our staff and stakeholders who have maintained support for the Company as it has navigated these challenges."

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