RE: Nigeria20 Jan 2022 10:50
Shoreline Canadian Overseas Petroleum Development (ShoreCan) has reached an agreement in principle with Essar Mauritius bringing an end to a dispute on Nigeria’s OPL 226.
Canadian Overseas Petroleum (COPL), which has a 50% stake in the ShoreCan joint venture, set out the agreement, which has brought a stay in legal proceedings in the High Court of Justice in England and Wales.
The deal will see ShoreCan’s stake in the block reduced and Essar will provide a $5 million carry in the drilling of a first appraisal well.
ShoreCan will transfer 70% of the shares in Essar Nigeria to Essar Mauritius, leaving the joint venture with 10%.
That was in June 8 months ago shorecan done nothing