Baraka Energy & Resources Ltd. reported Monday that Statoil Australia Theta B.V., PetroFrontier Corp. and the company have agreed to settle the court action -- relating to permits EP127 and EP128 in Georgina Basin in Australia's Northern Territory -- referred to in Bakara's announcement March 20 and referred to in its announcement of June 2.
The agreement provides for full and final settlement of the action with the effect that:
Subject to execution of a deed of settlement and release reflecting those terms, the court action will be dismissed on the basis that each party pays its own costs.
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