Oilex buys addnl interest in Cambay, Bhandut and Sabarmati

Sydney, Apr 19 (UNI) Australian oil exploration company Oilex NL has acquired an additional 15 per cent equity in the Cambay field and 40 per cent each in the Bhandut and Sabarmati fields, for a sum of 5.39 million dollars subject to the approval by the Indian government.

''With the purchase of the additional 15 per cent equity in Cambay and 40 per cent participating interest in the Bhandut and Sabarmati PSC's, Oilex is well placed to develop a production base in Gujarat at the earliest opportunity,'' the company said.

As per the terms of the joint venture agreements signed by Oilex with the Gujarat State Petroleum Corporation (GSPC), the company will act as the operator of all the above mentioned projects.

The oil exploration company said, each of these fields was reportedly producing oil at low rates on an intermittent basis and are anticipated to be good candidates for re-development.

The Cambay, Bhandut and Sabarmati fields, located onshore Gujarat, are reportedly the most prolific petroleum provinces close to the existing pipeline and industrial infrastructure.

UNI XC CS PC1036