Magna Energy Acquires 12.46% Interest in Cambay PSC in Gujarat
(a) Government of India consent to the Transaction was not received by the Cut Off Date; and
(b) it has received a letter from Magna, dated May 1, requesting Unwind Shares to be issued in accordance with the SPA
Oilex is in the process of issuing the required Unwind Shares, which amount to 73,505,090 ordinary shares in Oilex. The amount of Unwind Shares was determined in accordance with the SPA formulae and the agreed exchange rate of $0.91 to AUD 1, as set out in the NoM. This process should be complete by May 15.
Once the Unwind Shares have been issued, Magna will no longer have any direct rights under the SPA to acquire an interest in the PSC.
Managing Director of Oilex, Ron Miller, said;
“Oilex welcomes Magna as a cornerstone investor in Oilex, acquiring 12.46 percent of its expanded issued share capital through the unwind provisions of the SPA. We look forward to Magna’s ongoing support for the Cambay Tight Hydrocarbon Project and Oilex.”
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