SacOil, a South African based independent African oil and gas company, has announced an update with regards to the legal dispute with Nigdel United Oil Company relating to the Company’s legacy involvement in Oil Prospecting Licence (‘OPL’) 233 in Nigeria.
After careful consideration of the independent legal and financial opinion provided to date, SacOil has entered into a settlement agreement with Nigdel whereupon both parties have withdrawn their respective litigation and arbitration claims.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.(Source: SacOil)