StockMarketWire.com - Oilex said Indian partner Gujarat State Petroleum had opened bids received for the sale of its 55% interest in the Cambay production sharing contract.

The sale process was being conducted pursuant to a settlement agreed between Oilex and Gujarat State Petroleum (GSPC) last year.

'Oilex understands that a preferred bidder has been identified by GSPC, which will be invited by GSPC to finalize negotiations before seeking applicable regulatory approvals in India,' Oilex said.

'The company will update the market once further information on the GSPC sale process becomes available.'

Oilex holds a first right of refusal where GSPC disposes of its stake in Cambay.


At 2:33pm: [LON:OEX] Oilex Ltd share price was +0.05p at 0.21p



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