MX Oil PLC Update on Aje settlement (6773A)
02 January 2018 - 8:14PM
UK Regulatory
TIDMMXO
RNS Number : 6773A
MX Oil PLC
02 January 2018
2 January 2018
MX Oil / Ticker: MXO / Index: AIM / Sector: Oil & Gas
MX Oil plc ("MX Oil" or the 'Company')
Update on Aje settlement
The Company notes the announcement that has been published today
by Panoro Energy ("Panoro"), one of the partners in the Aje Field
within block OML 113, offshore Nigeria, in which the Company has an
investment, in connection with the signing of a settlement
agreement regarding an ongoing dispute between the partners.
The Company is pleased that a settlement has now been reached
and that the partners can now focus properly on the future
development of the Aje Field.
Under the terms of the settlement agreement, the Company, by
virtue of its investment in PR Oil and Gas Limited, is obliged to
pay GBP7,790.34 within ten business days to Pan Petroleum Aje
Limited, a wholly owned subsidiary of Panoro Energy ASA, to cover
its share of the costs arising from three hearings at the High
Court in connection with the litigation proceedings. The partners
will also be required to pay an additional sum to the International
Chamber of Commerce of approximately $100,000, subject to final
costs of PPAL, which will be paid from proceeds of production
liftings held in the joint venture export proceeds account. The
Company's proportion of this sum is at its cost sharing interest of
6.6675% and, therefore, expected to be approximately $7,000.
* * ENDS * *
For further information please visit www.mxoil.co.uk or
contact:
MX Oil PLC
Stefan Olivier, CEO +44 20 7710 9618
Cairn Financial Advisers
LLP
(Nominated Adviser)
Jo Turner/James Caithie +44 20 7213 0880
Cornhill Capital
(Broker)
Nick Bealer +44 20 7710 9612
This information is provided by RNS
The company news service from the London Stock Exchange
END
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