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Friday, June 26, 2020
Pancontinental Oil & Gas and its subsidiary Afrex refer to the ASX announcement made by it on 22 April 2020 headed ‘Kenya L6’ in response to default notices received from FAR Limited.
Pancontinental has reached an agreement to settle this long-standing matter with FAR. The amount which was the subject of the 2020 Default Notices totals US $567,145.80 (AU $827,950.07). Pancontinental will make a payment of US $150,000 (AU $218,978.10) into a nominated account of Operator Flow Energy (subsidiary of FAR) as full and final settlement of any and all outstanding cash calls relating to Kenya Block L6. The parties will then execute the Surrender and Termination Agreement, to start the process of exiting from Kenya L6.
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