Jan 20 (Reuters) - Oilex Ltd OEX.AX :
* UPDATES ON CAMBAY SALE PROCESS
* GUJARAT STATE PETROLEUM CORP OPENED BIDS RECEIVED FOR SALE OF ITS 55% PARTICIPATING INTEREST (PI) IN CAMBAY PSC
* UNDERSTANDS PREFERRED BIDDER HAS BEEN IDENTIFIED BY GSPC; TO BE INVITED BY GSPC TO FINALIZE NEGOTIATIONS
* HOLDS FIRST RIGHT OF REFUSAL WHERE GSPC DISPOSES OF ITS 55% INTEREST IN CAMBAY PSC