Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/oilex-provides-an-update-on-magna-cambay-transacti.shtmlOilex provides an update on Magna Cambay transaction
Oilex Ltd announces that pursuant to the Sale and Purchase Agreement (SPA) entered into with Magna Energy
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Oilex Ltd announces that pursuant to the Sale and Purchase Agreement (SPA) entered into with Magna Energy Limited (Magna) on 9 August 2013, the SPA unwind process has been triggered.
This means Magna will become a cornerstone investor in Oilex, acquiring a 12.46% equity interest in the enlarged share capital and Oilex will retain its full 45% direct interest in the Cambay Production Sharing Contract (PSC).
