Magna Energy Acquires Additional 5% Stake in Camby PSC in Gujerat

Oilex Ltd. (Oilex) revealed Friday that Magna Energy Limited (Magna) has exercised its option to acquire an additional 5 percent participating interest (Option Interest) in Cambay Production Sharing Contract (PSC) in the Cambay Basin, Gujerat, India for $2 million pursuant to the Share Purchase Agreement dated Aug. 9 (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 percent participating interest in the PSC with Oilex retaining a 30 percent participating interest.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Expertise: Engineering Manager
Location: Houston, TX
Administrative Assistant IV
Expertise: Executive|Secretarial or Administrative
Location: Houston, TX
US Houston: Account Rep, Bus Dev
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
search for more jobs

Brent Crude Oil : $50.97/BBL 1.53%
Light Crude Oil : $48.75/BBL 1.79%
Natural Gas : $2.92/MMBtu 0.68%
Updated in last 24 hours