Sale of Participating Interest in Bhandut

Source: www.gulfoilandgas.com 1/28/2020, Location: Asia

Oilex Ltd (the Company or Oilex) is pleased to advise that it has accepted an offer from Kiri and Company Logistics Private Limited (Kiri) to dispose of its 40% participating interest (PI) in the Bhandut PSC (Bhandut). Pursuant to the Agreement entered with Kiri and Company Logistics Private Limited (Kiri), the Company will receive US$0.14 million in cash proceeds for the sale of its PI to Kiri.

GSPC had also invited parties to make submissions to acquire its 60% PI in Bhandut with Kiri successfully selected as the preferred bidder (H-1). Kiri will acquire Oilex’s PI in Bhandut on the same proportional cost basis as GSPC with a small premium for Oilex’s operatorship in the PSC. Furthermore, Kiri has expressed an interest in engaging the services of Oilex’s office to review field production, stabilize operations and initiate field re-development of the Bhandut PSC in accordance with the FDP. Bhandut is presently shut-in and has been fully provided for in the Oilex financial statements.

The sale of Oilex’s PI in Bhandut is conditional on the completion of the sale of GSPC’s PI in Bhandut to Kiri on or before 31 March 2020.


New Zealand >>  7/5/2022 - OSM Maritime (OSM) would pleased to announce that Kingston Offshore Services, a New Zealand-based provider of oil and gas and offshore marine services...
Sweden >>  7/5/2022 - Eolus has signed an agreement with DalaVind AB to expand its participating interest in the Fageråsen wind power project to 49%. Together, the companie...

United States >>  7/5/2022 - Stronghold Energy II Operating, LLC and Stronghold Energy II Royalties, LP, two privately held companies ("Stronghold"), have announced that Ring Ener...
Ethiopia >>  7/4/2022 - Yara has signed a Share Purchase Agreement with XLR Enterprises Limited to sell its ownership interest in the Dallol mining project in Ethiopia. The D...

Nigeria >>  7/1/2022 - ADM Energy PLC, a natural resources investing company, provides an update on the legal proceedings in respect of its interest in the Barracuda oil fie...
Norway >>  7/1/2022 - Rex International Holding Limited (“Rex International Holding”, “Rex” or the “Company”, and together with its subsidiaries, the “Group”), a technology...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.