Oilex (LSE:OEX; ASX:OEX), the Australian oil and gas exploration and production company, last week (7 February) finally secured a 100% participating interest in the onshore Cambay Field in Gujarat, India after the India Ministry of Petroleum & Natural Gas formally ratified the acquisition by Oilex of a 55% stake in the asset held by Gujarat State Petroleum Corp (GSPC).
The state government of Gujarat approved the sale of the contract to Oilex for $2.2m in April 2021, with backing from the Indian federal government. The sale was expected to complete within Q2 2021. Since then, the sale process has been delayed by disputes and by Covid restrictions but, with the receipt of environmental clearances last week, Oilex has been able to re-start production from the two existing Cambay wells and to proceed with field development.
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