Scandoil  

Pilot Enery confirms payments to be received by Royale Energy


Published Nov 12, 2015
Royale Energy, Inc.

Pilot Energy Ltd says that, further to the Company's announcement of 28 October 2015, Royale Energy Inc. has announced a sale of its 100% interest in the Western Block to an undisclosed third party.

Under the terms of the Deed of Settlement & Mutual Release between the Company and Royale Energy, a US$350,000 cash payment will be required to be paid to Pilot Energy. This is in addition to the US$150,000 initial payment, which has already been received.

Pilot Energy will provide a further update, regarding the expected timing of receipt of funds, in due course.

Tags: Pilot Energy Ltd, Royale Energy




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