Panoro Energy Enters Into Final Settlement With AJE (OML 113) JV Partners

All JV Partners have agreed to halt and withdraw all litigation and arbitration proceedings among the partners; PPAL will not pay for any Aje-6 costs that have been incurred by the JV, until such time the equipment and parts are to be used in any potential future well operations; Substantial court costs already awarded to PPAL to be retained and any remaining balances credited in favour of PPAL; and PPAL’s US$ 1.5 million cash security deposit held with UK Courts Funds Office will be returned. John Hamilton, Chief Executive Officer of Panoro, said

“We are very pleased to have reached this out-of-court settlement agreement. In combination with the interim measures announced in November, this amicable and pragmatic approach finally resolves the longstanding dispute. We believe this outcome is a positive development for Panoro and our Aje JV Partners. With this issue behind us, our utmost priority is now to realise the significant potential of the Turonian Gas Development.”
Source / More: Panoro oilandgasOil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Report your news Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook]]>