The Gambia Government through the
During the event, Minister
This Arbitration was before the
Prior to the alleged expiry and termination of licences, AP had a 100 percent operated working interest in offshore licences A1 and A4.
Arbitration is the hearing and determining of a dispute or the settling of differences between parties.
Gambia Oil Block A1 is licensed to
"I am happy to announce that the three years of arbitration proceedings brought by
The Minister said he is pleased to announce that the settlement of the arbitration brings an end to all the Petroleum Licence disputes involving the
He said the case is important to him and his staff not only because of their positions in the Ministry, but due to the fact that they were professionally involved in overseeing the Licence implementation over the past 14 years
On the signing of the A4 Licence with
He said one of the conditions precedents include the requirement for PN to provide notice to the Gambia Government of its intention to continue the licence.
"If PN does not fulfill the conditions precedent within 12 months after the execution of the licence, the licence terminates and PN will relinquish all claims over the A4 Block", Minister Dawda said.
He said these are favorable terms to the Gambia Government from a financial, legal and technical standpoint and that they have reached a mutually beneficial settlement and that the positive implication is lifting the cloud of uncertainty that hung over the process as a result of the arbitration.
"The people at PertroNor are very committed in working with the
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