Extractive Industries

United to receive $2.5m from Hibiscus in Crown settlement

United Oil & Gas plc said it had today signed a confidential settlement agreement with Anasuria Hibiscus UK Ltd (AHUK) for the Crown disposal milestone payment.

Agreement: AHUK will pay United Oil & Gas in three instalments (United Oil & Gas)

PAYMENT

The Crown discovery lies in licence P2366 across Blocks 15/18d and 15/19b.

“AHUK has agreed to pay United a total of US$2,500,000 (payable in three instalments between the date of the settlement agreement and 29 December 2022 ) in full and final settlement of the matter,” said United in a statement.

“Subject to the receipt by United of the full sum of US$2,500,000 from AHUK, this will bring an end to the matter and no further amounts will be due to United from AHUK in connection with the sale of licence P2366.”

Exit mobile version