Australia's Peak Oil & Gas Limited (Peak) reported Monday that it holds interests in Service Contract SC6 Cadlao (SC6 Cadlao), located in the northwest Palawan Basin in the Philippines which contains the Cadlao Redevelopment Project (Cadlao Project).
The Operator under SC6 Cadlao is Cadlao Development Company Limited (Cadco) formerly Blade Petroleum Ltd.
Peak’s interests are:
As previously announced, Peak recommenced its arbitration process (Arbitration) in respect to its dispute with Cadco regarding the Cadlao FIA. The Arbitration has been temporarily suspended at the mutual agreement of both parties following the execution of a conditional settlement deed (Deed). The Deed requires Peak, inter alia, to:
In return, Cadco will pay Peak an amount of c.$6.3 million (AUD 6.7 million).
The parties have agreed that settlement will take place Aug. 6, failing which the parties, unless otherwise agreed, will resume their original commercial and legal positions and the Arbitration will be immediately recommenced.
Peak will continue to retain its VO Interest regardless of the outcome of the settlement with Cadco.
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