Magna acquires stake in Camby PSC in Gujerat

Oilex Ltd.

Oilex Ltd. reports that Magna Energy Ltd. has exercised its option to acquire an additional 5% participating interest in the Cambay production sharing contract (PSC) in the Cambay Basin located in Gujerat, India, for $2 million, following a share purchase agreement dated Aug. 9.

The acquisition of the option interest is subject to the non-exercise of 30 day preemptive rights held by the remaining joint venture participants, and receipt of Government of India approval. After receipt of such approval, and assuming no preemptive rights are exercised, Magna will hold a 15% participating interest in the PSC, with Oilex retaining a 30% participating interest.

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