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Oilex receives US$1.4mln of owed cash-calls

“We continue to work closely with our partner and are pleased with the progress in resolving outstanding cash calls,” said Jonathan Salomon, Oilex managing director.

Onshore oil drilling
Some US$5.6mln is still owed

Oilex Ltd (LON:OEX) told investors it remains in “constructive dialogue” with its joint venture partner, as it reported that in the past quarter it secured the equivalent of US$1.41mln towards the outstanding cash-calls.

In a statement, Oilex highlighted ‘material progress’ in the resolution of the outstanding cash-calls owing to the Cambay and Bhandut PSC, where the tally now amounts to US$5.68mln.

“We continue to work closely with our partner and are pleased with the progress in resolving outstanding cash calls,” said Jonathan Salomon, Oilex managing director.

“We look forward to further cooperation with our Indian partner and the government of India in pursing the development of the Cambay project."

Oilex shares were boosted by the news, leaping over 31%, or 0.06p higher to 0.23p in late afternoon trading.

 -- Adds share price --

Quick facts: Oilex Ltd

Price: 0.002 AUD

ASX:OEX
Market: ASX
Market Cap: $8.24 m
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