Namibia: Pancontinental pays disputed cash call

Issue 338 - 20 Jan 2017
Pancontinental Oil & Gas has agreed to pay a disputed cash call to Tullow Oil to avoid a default, but continues to contest the payment. The company said in December that it had received a cash call for $552,897 for administration and other “non-exploration” costs in Walvis Basin PEL 37 for 2014 to 2016 (AE 337/15). Pancontinental said it believed the sums were covered under the free carry agreed when Tullow farmed into the licence, but the joint operating agreement stipulated payment to avoid a possible default situation, and then resolution of any disputes later.

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