The 12.46% equity acquisition is part of the sale and purchase agreement unwind process which was triggered when the deal fell through.
As part of the initial agreement, if the Indian government did not give consent before 1 May, the transaction would be unwound and Oilex would be required to convert payments made by Magna into shares.
Oilex previously announced it had agreed to sell up to 15% interest in a production sharing contract at the tight hydrocarbon project in India for up to $6 million.
Oilex
