Oilex Ltd is pleased to announce that Magna Energy Limited (Magna) has exercised its option to acquire an additional 5% participating interest (Option Interest) in the Cambay Production Sharing Contract ("PSC") for US$2 million pursuant to the Share Purchase Agreement dated 9 August 2013 (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% participating interest in the PSC with Oilex retaining a 30% participating interest.

Tags: Oilex Ltd