Bidding for new licence Oilex ; OEX, page-4

From an article by proactive investors:

"An Eye to the Future

Despite Gujarat State Petroleum Company (“GSPC”) remaining a recalcitrant joint venture partner in respect of historical cash call payments, the recent payment of cash calls submitted to GSPC post the Company’s issuance of a dispute notice, the Company is continuing to focus on its underlying asset base. We believe that despite the issues that the Company is facing with GSPC, there remains underlying value within both the Cambay and Bhandut fields, which if unlocked will provide an ample springboard to further growth. In respect of this, the statement that the management is seeking ways in which to diversify its risk profile, whether in context of the cycle, or geopolitically, should also provide comfort. By looking for alternative assets, the Company is not intending to stand still, and will seek to leverage its existing asset base to generate value for shareholders elsewhere"