Oslo-listed PetroNor E&P has reached an out-of-court settlement with Gambia over contested title to prized deep-water blocks A1 and A4, even as the dispute remains formally under international arbitration.

In contrast with a similar case before the International Court for the Settlement of Investment Disputes (ICSID) over two deep-water licences with neighbouring Senegal, PetroNor did not suspend the Gambian arbitration.

Under a mutual agreement reached with the Gambian government, PetroNor will regain the A4 licence for which it will sign a 30-year lease under new terms, but will relinquish all claims related to Block A1, which it acknowledges has subsequently been awarded to BP.