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.
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