Oilex bids for remaining 55% stake in India oil field

Australian explorer Oilex has made a formal offer to buy the remaining 55% stake that it does not already own in the Cambay oil field in India.

The company's partner, state-owned Gujarat State Petroleum Corporation, is selling its interest in Cambay, subject to regulatory approval.

If the AIM-listed company’s bid is accepted it would increase its current 45% stake to 100% of Cambay.

Oilex is the operator of Cambay and holds a pre-emptive right to bid before the stake is sold to a third party.

The company said it “will consider its strategic options for Cambay in order to realise value for shareholders”.

Shares in Oilex were down 5.65% to 0.401p at 0947 GMT.