Oilex updates on cash calls owing to Cambay, Bhandut PSCs
Source - SMW
Oilex Ltd has announced material progress in the resolution of the outstanding cash calls owing to the Cambay and Bhandut PSCs.
During the current quarter to date, the JV had received the equivalent of $1.41m gross in regards to outstanding cash calls from its JV partner.
"After the above-mentioned receipts, the remaining aggregate outstanding cash call balance for the Cambay and Bhandut PSCs is the equivalent of $5.68m," said Oilex in a statement.
"The company continues to maintain a constructive dialogue with its joint venture partner to resolve the remaining outstanding cash call balances."
MD Jonathan Salomon said: "We continue to work closely with our partner and are pleased with the progress in resolving outstanding cash calls.
"We look forward to further cooperation with our Indian partner and the Government of India in pursing the development of the Cambay project."
Separately, Oilex said it had requested an immediate trading halt on the ASX for its shares from the commencement of trading Monday 19 June 2017.
This was requested pending an announcement by Oilex in relation to the joint venture cash calls owing by its joint venture partner.
Oilex said it requested the trading halt to remain in place until the earlier of such time as it made an announcement to the market in relation to the JV cash calls owing and the commencement of trading on Wednesday 21 June 2017.
At 9:10am: (LON:OEX) Oilex Ltd share price was +0.01p at 0.18p