Wednesday, July 22, 2009

Oilex and West Kampar block

Oilex Ltd, Australia, is trying to recover approximately US$4.1 million owed to it by PT Sumatera Persada Energi (SPE), operator of the West Kampar PSC. 
The US$4.1 million is secured by a charge over 22.5% of the interest held by SPE in the oil and gas block. Oilex is also working to ensure transfer of operatorship from SPE to Oilex or an acceptable third party. Oilex is the owner of 45% interest in the block and then resume the seismic and drilling work program, acquire approval from BPMigas (upstream oil and gas regulatory body) for the Pendalian oil field development project.
Oilex told Australia Stock Exchange (ASX) this morning that the company and SPE met in May 2009 to discuss commercial solution to the issues which involved a sale of SPE's interest to a third party whereby SPE repays its debts to Oilex and Oilex or the third party becomes the operator of the PSC.
"A number of third parties have expressed an interest and negotiations are proceeding with some of these parties," Oilex said in a statement.
Oilex is vigorously pursuing its rights under various legal agreements to recover the funds owed by SPE to Oilex. All operational activity on the PSC is currently suspended by the operator pending resolution of commercial and financial disputes within the JV.

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