A first draft of the independent report into development costs of the Logbaba gas project has been finished, Victoria Oil & Gas (LON:VOG) said today.
Victoria Oil & Gas and RSM Production agreed to the independent review to settle their dispute over cost apportion and ownership of the gas field in Cameroon.
RSM has already paid Victoria US$16.3mln but the final chunk of costs payable will be determined by this review.
Deloitte, Nigeria, carried out the independent assessment, which focused on the RSM’s share of costs between Logbaba’s inception up until the end of 2013 and RSM's share of anticipated expenses for January 2014.
A process of review is now underway where the parties can submit comments on the report to Deloitte. Under the terms of the settlement agreement, Deloitte's decision is final.