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Wednesday, October 12, 2016
SacOil and Nigdel United Oil Co. have come to terms regarding the dispute over Nigeria’s OPL 233. The dispute was related to the SacOil’s legacy involvement in the OPL.
In a statement released by SacOil the company said that after careful consideration of the independent legal and financial opinion provided to date, it had entered into a settlement agreement with Nigdel where upon both parties have withdrawn their respective litigation and arbitration claims.
Dr Thabo Kgogo, CEO of SacOil, commented, “This settlement removes any distraction in relation to our previous participation in OPL 233. The board of SacOil is confident that this is in the best interests of all our stakeholders, based on the sound legal and financial advice we have received. Furthermore, the decision to settle this case is not expected to have an impact on SacOil’s financial results for the current year.”
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