Oilex Ltd (LON:OEX) revealed it has made an offer for the 55% stake in the Cambay field that it doesn’t already own.
The India focussed oil and gas junior’s 45% stake in Cambay is its primary asset, and state-backed partner Gujarat State Petroleum Corporation Limited (GSPC) is selling its interest in the project through a competitive process.
Whilst Oilex has submitted an offer for the 55% it also noted in a short stock market statement that it has a pre-emption right which would give it a further opportunity to pick up the asset should a third-party out-bid the company.
The company added: “Pursuant to the tender process, Oilex will consider its strategic options for Cambay in order to realise value for shareholders. The company will continue to update the market on any material developments.”