29th Aug 2014 09:44
LONDON (Alliance News) - Green Dragon Gas Ltd Friday said it has agreed to pay USD40 million to ConocoPhillips Co to settle a legal dispute between the two.
Green Dragon will pay USD40 million in a final settlement with the US oil giant in a case related to a USD42.6 million payment made to Green Dragon by Conoco in August 2009 under a farm-out agreement.
Those funds were used by China-focused gas firm Green Dragon for the development of the Shizhuang South block, along with exploration activities within the Shizyuang North and Qinyuan blocks.
Green Dragon shares were untraded at 476.50 pence in early trade Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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