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.
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.”