Oilex announces receipt of cash calls worth $1.41m gross

Oilex, the oil and gas exploration and production company announced Monday "material progress" having received outstanding cash calls of approximately $1.41m gross owed to the Cambay and Bhandut production sharing contracts (PSCs).

The joint-ventures received cash calls equivalent to $1.41m gross during the current quarter-to-date from its joint venture partner, the company said in a statement.

A cash call balance equivalent to $5.68m for the Cambay and Bhandut PSCs remained outstanding.

Oilex said it was maintaining a constructive dialogue with its joint-venture partner to resolve the remaining balances.

"We continue to work closely with our partner and are pleased with the progress in resolving outstanding cash calls. We look forward to further cooperation with our Indian partner and the Government of India in pursing the development of the Cambay project" said Jonathan Salomon, Managing Director of Oilex.

In 2005, Oilex inked a deal with the Cambay Field Joint Venture comprising Gujarat State Petroleum Corporation and Niko Resources to acquire a 30% participating interest in the Production Sharing Contract (PSC) which covers the Cambay Field.

Having acquired an additional 15% equity interest from Niko, Oilex now holds a 45% participating interest in the Cambay PSC.

Shares in Oilex were 40% higher to 0.29p as of 1621 BST.