- By: oenergy
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Oriental Energy Resources Ltd (“Oriental”) (Nigeria), the administrators of Afren PLC (in administration) (“Afren”) (UK) and the receiver and liquidator of Afren Resources Limited (“ARL”) (Nigeria) (ARL and Afren, together, the “Afren Parties”) today announce the completion of an agreement for the full resolution of all issues between them.
The agreement, which was reached in principle in July 2018, confirms the discontinuance of all civil litigation and court proceedings initiated by both Oriental and the Afren Parties in the UK, France and Nigeria and the discontinuance of all of the claims of the Afren Parties over their legacy interests in the Oriental operated Ebok, Okwok and OML 115 assets.
The agreement also includes the transfer of abandonment funds for the Ebok project to Oriental, and the payment of funds ultimately for the benefit of creditors of Afren and ARL.”