Australia's Oilex Ltd. announced Wednesday that it has reached an agreement with Zeta Resources Ltd. to terminate legal proceedings between the two parties.

"The terms of the settlement are that each party will no longer pursue its claim against the other, with the legal proceedings to be dismissed on a no admission of liability basis. Oilex has also agreed to make a payment to Zeta on account of costs of the litigation of $365,563 (AUD 490,000)," the company said in a press release.

Oilex said the decision was taken in view of the significant costs, inherent uncertainty of litigation and substantial time commitments and distraction that the legal case presents for the board and management. 

“Reaching this settlement means Oilex can focus fully on advancing its operations, which is in the best interests of all shareholders. Oilex looks forward to progressing the Cambay Joint Venture (in India) and the other assets in the Oilex portfolio and will keep shareholders informed as matters progress," Oilex Managing Director Joe Salomon said.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Name: Email: Comments: