Cambay Field in the Gulf of Cambay
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Oilex Ltd. has reached an agreement with LinQ Resources Fund for the extension of the term of the existing A$5M mezzanine finance and for the provision of an additional A$5
million mezzanine finance facility to assist Oilex in funding the development
of its Indian production interests, including the drilling of wells in the
Cambay Field. The term of the existing facility has been extended by 12 months,
with the additional A$5M facility to be repaid in 2 years.
Oilex welcomes the continued support of LinQ in the development of the
Company's oil and gas projects, and as a longer-term investor. As part of this
facility, 2.5 million unlisted options exercisable at A$2.00 over a four-year
term are to be issued.