11th Oct 2016 14:43
LONDON (Alliance News) - SacOil Holdings Ltd on Tuesday said a settlement has been reached with Nigdel United Oil Co over the legal dispute concerning OPL 233 in Nigeria, with both parties agreeing to withdraw their individual claims against one another.
SacOil said it made the decision to seek settlement after "careful consideration of the independent legal and financial opinion" that it had received to date.
"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," said Chief Executive Thabo Kgogo.
SacOil shares were up 2.8% to 0.9 pence per share on Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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