India approves transfer of GSPC stake in Cambay to Oilex
The government of India has approved the transfer of assignment of the 55% participating interest (PI) in the Cambay field held by state-run Gujarat State Petroleum Corporation (GSPC) to Oilex, Sydney-listed Oilex said on February 7.
“The approval of the assignment of GSPC’s 55% PI results in the company enjoying a 100% PI in the Cambay field with its c. 930bn ft3 of contingent gas resources,” Oilex’s CEO Roland Wessel said. “The further development of the Cambay field will be initiated with the planned re-frac of the C-77H well, the results of which will support the drilling of two new wells in Q4 2022/Q1 2023, subject to funding.”
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Oilex had been in dispute with GSPC over ownership. In April last year, the two parties settled the matter and in June Oilex executed a binding agreement to acquire GSPC’s 55% PI in the Cambay field, providing the company with a 100% working interest in the Cambay concession.
The Australian company in December received the final court order regarding the dispute. It plans to resume gas production soon.