LONDON (Alliance News) - Victoria Oil & Gas PLC Monday said Deloitte Touche Tohmatsu Ltd's Nigeria arm has now completed its fieldwork and issued a draft report relating to development cost contributions by Victoria and RSM Production Corp towards the Logbaba gas project.
Victoria and RSM in January said they had agreed to appoint an independent firm to review the cash calls issued to RSM for its participating interest share of incurred expenses from inception of the Logbaba gas project to the end of 2013, and for an advance for RSM's participating interest share of anticipated expenses for January 2014.
Deloitte was appointed to do the review, and finished its fieldwork in September, Victoria said.
"A process of review is now underway where the parties can submit comments on the report to Deloitte. Following the review period, a final document will be issued by Deloitte to the parties. Under the terms of the Settlement Agreement Deloitte's decision is final," Victoria said in its statement.
It added that it will update the market once its gets the final Deloitte report.
Victoria Oil & Gas shares were down 0.7% at 1.32 pence Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
