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Creditor Settlement Agreement

4 Jun 2019

 

Victoria Oil & Gas Plc is pleased to announce that its wholly owned subsidiary, Gaz du Cameroun S.A. (“GDC”), has signed a settlement agreement with Weatherfords Services and Rental Ltd and a full and final payment of $1.4 million has been made to extinguish the outstanding debt.  In accordance with the settlement, the parties have signed and filed with the relevant court consent orders for the statutory demand to be set aside, which is now only a matter of process at court.

With this settlement GDC has now settled all outstanding obligations relating to the drilling programme of La-107 and La-108 at Logbaba.