Friday, August 08 10:18:23
Irish energy prospector, Petroceltic, this morning said a settlement has been agreed surrounding legal action launched last year regarding its North African operations.
The company began legal proceedings last July in the High Court in Dublin against two parties the previous board signed service and consultancy deals with in 2004 and 2005 for its North African business activities.
The move followed threats of legal action against the oil explorer from one of the parties looking for a USD3.4m payment.
Petroceltic today said it has entered into a settlement agreement with Mr Samir Abdelly and Abdelly and Associes International Consulting (AAIC).
"The company has withdrawn all claims made in the proceedings," Petroceltic said in a statement.
"Mr Abdelly and AAIC have withdrawn their counterclaims against the company and no other legal or contractual arrangements, other than the settlement, exist between the parties."
It added that the proceedings have now been struck out in the Irish High Court.
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