Perth-based, AIM- and ASX-listed Oilex said that it had submitted on behalf of its venture partners a request to terminate the JPDA 06-103 production sharing contract.
The venture cited “ongoing concerns associated with uncertainty of tenure” for the exit.
Oilex managing director Ron Miller said: “In a situation where sovereign nations seek to resolve issues related to international boundaries, it is in the best interests of all parties to allow such matters to run their course.”
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