Magna US$3.8M Equity Sale Proceeds received

  • Oilex receives balance of US$3.8 million from Magna Energy Limited for 10% interest in Cambay PSC
  • 30 day option window commences for purchase of additional 5% interest in Cambay PSC for US$2 million

 Oilex Ltd (ASX: OEX, AIM: OEX, Oilex) is pleased to announce that it has today received the balance of US$3.8 million from Magna Energy Ltd “Magna” representing the balance of funds receivable for the sale of a 10% participating interest in the Cambay Production Sharing Contract. The sale is still subject to Government of India approvals.

Magna also has an option to acquire an additional 5% participating interest upon payment of an additional US$2 million.  Magna have 30 days to exercise this option.

Please click on the link below for the full announcement.

131126 Magna Funds Receipt