28million from japan energy

Just like to share this artical about the actually payment that Oilex will receive from Japan Energy.

http://online.wsj.com/article/BT-CO-20090827-703315.html


"TOKYO (Dow Jones)--Japan Energy Corp. said Thursday it has obtained a 15% stake in an offshore oil and gas exploration block in a joint development area between Australia and East Timor from Australia's Oilex Ltd. (OEX.AU).

Japan Energy, a unit of Nippon Mining Holdings Inc. (5016.TO), will pay $29 million as part of the exploration costs, a spokesman for Japan Energy said.

The JPDA 06-103 block is located about 500 kilometers northwest of Darwin, and is expected to have recoverable reserves equivalent to 146 million barrels of crude oil.

Oilex owns 10% of the block and continues to be the operator. Global Energy Inc. (GEYI), Bharat PetroResources JPDA Ltd. and GSPC (JPDA) Ltd. each have 25%. "

Oilex will have plenty of cash to invest in the next drilling.

DYOR.

Thanks

Michael