Agreement: Statoil, PetroFrontier and Baraka move on
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Baraka went up against Statoil and PetroFrontier earlier this year when it claimed the joint venture’s 2014 work programme and budget was invalid.
It brought legal action against its joint venture partners, which has now been resolved between the three.
In exchange for a withdrawal of the claim, Statoil and PetroFrontier dropped the claim that Baraka is in default on cash calls under the joint operating agreement.
Baraka has elected not to contribute to the 2014 work programme and budget and therefore will not have to pay the cash calls.
The company’s interest in each joint venture and each permit will be diluted based on the expenditures and inputs as calculated at the time of dilution.
Despite not participating in the agreement, Baraka will be entitled to get all data and information relating to the joint operations for the 2014 work programmes and budget.
The court action brought forward by Baraka will be dropped on the basis that each party pays its own costs.
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