PetroNor Announces Update on Senegalese Arbitration

Source: www.gulfoilandgas.com 5/5/2020, Location: Africa

PetroNor, the independent oil and gas exploration and production company with a focus on production, development and exploration assets across sub-Saharan Africa, announces that the Company has reached a mutual agreement with the Government of Senegal to suspend the Arbitration related to the Rufisque Offshore Profond and Senegal Offshore Sud Profond licence areas for a period of six months with a view to reaching a satisfactory outcome for all parties. A formal request has been lodged with ICSID to suspend the process. The agreement to suspend the arbitration follows a period of progressive dialogue between the Company and relevant authorities.

Commenting on the update, Eyas Alhomouz, Chairman of PetroNor E&P Limited, said:
“This is a positive development that matches PetroNor’s strategy adopted since the merger with African Petroleum Corporation to seek an amicable solution in The Gambia and Senegal, refocus our resources and create value for the shareholders. It further highlights a willingness of all parties to discuss reasonable settlement solutions. We thank the relevant authorities in Senegal for their pragmatism in reaching this mutual decision and hope to use this window of suspension to progress our dialogue and reach a firm agreement that benefits both PetroNor and Senegal.”


Zimbabwe >>  11/29/2024 - HIGHLIGHTS
• A final independent review of the Petroleum Production Sharing Agreement (PPSA) by external European legal counsel has been complet...

Bulgaria >>  11/28/2024 - OMV Petrom, the largest integrated energy producer in Southeastern Europe, announces a strategic partnership with NewMed Energy Balkan, a subsidiary o...

Ivory Coast (Cote D'Ivoire) >>  11/28/2024 - Eni and the Ministry of Mines, Oil and Energy of Côte d’Ivoire have signed today in Abidjan the contracts for the acquisition of 4 new exploration blo...
United States >>  11/28/2024 - Mosman Oil and Gas Limited the helium, hydrogen and hydrocarbon exploration, development and production company, will hold its AGM at 12:00pm (AEDT) ...

Austria >>  11/27/2024 -  MCF Energy Ltd. (TSXV: MCF) (FRA: DC6) (OTCQX: MCFNF) ("MCF", "MCF Energy" or the "Company") provides an update on (1) production testing at the Welc...
Oman >>  11/27/2024 - Tethys Oil reports that flow testing of the Kunooz-1 exploration well, Block 58 onshore Sultanate of Oman, has commenced. Preliminary results from the...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.