Junior oil and gas explorer Oilex (ASX:OEX) says it is working hard on trying to resolve the dispute it is having with Gujurat State Petroleum Corporation (GSPC).

GSPC is Oilex’s partner in the Cambay project in India’s western region of Gujarat.

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Oilex claims that GSPC hasn’t been contributing its fair share to the project and owes $US3.1m.

The company wanted the interest in the Cambay product sharing agreement transferred back to it because of GSPC’s lack of contribution, but in a number of court hearings last year, Oilex was prevented from taking any action.

Oilex has been working on the Cambay field in Gujarat since 2005 and needs to resolve the dispute if it wants to start drilling at the project.

The company wants to avoid arbitration if it can and is in talks with GSPC and the Indian government to come to some sort of commercial resolution.

But so far, its efforts have come to naught.

“Oilex has worked tirelessly in seeking a resolution and in recent months has submitted several proposals to GSPC for consideration, with the most recent draft proposal tabled on 20 March 2019,” managing director Joe Salomon told investors on Monday morning.

“This is currently under active consideration by GSPC.

“The negotiations have been challenging given the commercial drivers for all parties and the regulatory and administrative imposts, including GSPCs internal financial constraints, and, at this time, a conclusion has not been reached, although discussions continue.”

Oilex said it believes GSPC and the government are considering selling a number of their local joint venture interests.

While the Cambay project does not appear to be one of those interests that is on the sale block, Oilex is watching closely because it has the pre-emptive rights to acquire GSPC’s interest in both the Cambay and Bhandut projects.

In other corporate news:

Oil company Pura Vida (ASX:PVD) has sold down nearly 40 per cent of its 19.97 per cent stake in failed wound care company Factor Therapeutics (ASX:FTT). Pura Vida, along with Perth-based Freshero (an “aspiring organic fresh produce grower”) and Canadian Nickel, has reduced its stake to 12.39 per cent. The move comes after Pura Vida and its associates were unable to gain control of Factor.

Australia’s newest lithium producer, Altura Mining (ASX:AJM), has responded to an ASX “aware” query.The ASX quizzed Altura on its stated “breach” of a financial covenant with its lenders because of a delay in reaching commercial production at its Pilgangoora lithium project. Altura told the ASX it kept its financiers informed of the delays and at no point did its lenders take action against the junior miner.

Struggling Kiwi venture capitalist Powerhouse Ventures (ASX:PVL) is hanging in there, having been able to negotiate an extension to the deadline it had to repay a bunch of unsecured convertible notes. The company now has until December 15 to repay 10m of the 10.5m worth of notes still outstanding, which previously needed to be repaid by the end of March.

Investment vehicle Thorney Opportunities has reduced its stake in Zenith Energy (ASX:ZEN) to 6.86 per cent from 8.83 per cent.

Manganese explorer Rolek Resources (ASX:RLK) has been removed from the ASX after it was unable to raise the $5m cash it needed to complete its backdoor listing through the shell of Shaw River Manganese (ASX:SRR).

Junior copper and silver explorer Kopore Metals (ASX:KMT) has named Simon Jackson as its new managing director after Grant Ferguson, one of the founders, stepped back into a non-executive director role.

Troubled oil and gas player Elk Petroleum (ASX:ELK) has a new interim CEO. David Evans, a 30-year veteran of the upstream oil and gas industry, has filled the role for the time being.

Elk last week announced it had secured a further $4m in funding from major shareholder Republic Investment Management by way of a unsecured short-term loan. It needs the cash to restructure its business and overcome its recent difficulties.