Scandoil  

Peak Oil & Gas reaches conditional settlement with Cadco


Published Jul 29, 2014
Peak Oil and Gas-2

Peak Oil & Gas Limited (Peak) recommenced its arbitration process (Arbitration) in respect to its dispute with Cadco regarding the Cadlao FIA. The Arbitration has been temporarily suspended at the mutual agreement of both parties following the execution of a conditional settlement deed (Deed). The Deed requires Peak, inter alia, to:

i. transfer its interests in Peak Royalties Limited which holds certain overriding royalty rights pertaining to SC6 Cadlao; ii. terminate the Cadlao FIA between Peak and Cadco which effectively releases any claim Peak has to direct working interests in SC6 Cadlao (not including the VO Interest); and iii. terminate the Arbitration

Tags: Peak Oil and Gas




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