Oilex Ltd - Aberdeen-based oil and gas explorer - Executes deed of settlement & release with Autoridade Nacional Do Petroleo E Minerais, a Timor Leste government department, to end ongoing arbitration proceedings arising from the termination of the 06-103 production sharing contract in East Timor by the ANPM in 2015, and settle all claims and counterclaims between the parties. Oilex has committed to settlement of USD8000,000 payable in the 2021 and 2022 financial years.
Current stock price: 0.11 pence
Year-to-date change: down 42%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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