Petroleum Africa
Find us on: 
Thursday, January 4, 2018
Panoro Energy reported that its fully-owned subsidiary Pan Petroleum Aje Ltd. (PPAL) entered into a definitive and binding settlement agreement with the other JV partners on OML 113 in Nigeria. The agreement resolves and settles the dispute between the Aje JV partners and PPAL in relation to drilling of new development wells.
The agreement between the JV partners seems to favor PPAL somewhat with its stating that 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. PPAL also saw substantial court costs awarded to it and the agreement states that PPAL will retain them and any remaining balances credited in favor of PPAL. In addition, PPAL’s $1.5 million cash security deposit held with UK Courts Funds Office will be returned.
John Hamilton, CEO 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 realize the significant potential of the Turonian Gas Development.”
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
