Sydney-listed Oilex has completed the sale of its participating interest in the Bhandut field in India following the receipt of $290,000 from the buyer. An additional payment of $28,000 is expected for final cash calls related to its interest in the field. 

Oilex had accepted an offer from India’s Kiri and Company Logistics to acquire its interest in Bhandut in January last year. Oilex held a 40% interest in the Bhandut in the western India state of Gujarat, with Gujarat government-owned GSPC holding the remaining.  The sale was approved by the Indian government in April this year.

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“Finalisation of this transaction is very welcome as it provides additional working capital for the company which can be applied towards future costs on the existing Cambay and East Irish Sea projects. We wish Kiri success in their efforts on the Bhandut field,” Oilex’s managing director Joe Salomon said.