Union Jack Oil PLC (LON:UJO) has noted a resolution of the dispute between its fellow partners in the PEDL253 licence, which hosts the Biscathorpe project in Lincolnshire
A payment from Humber Oil & Gas has been received by Egdon Resources PLC (LON:EDR) following a confidential settlement agreement, agreed in June.
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“The joint parties to PEDL253 have therefore resolved the dispute arising under the JOA and look forward to co-operating in the future in the development of the licence," Egdon said in a statement.
Back in June, Humber and Egdon said they looked forward to co-operating in the future in the development of the licence.
At that time, Egdon also noted that a detailed evaluation of the Biscathorpe project had concluded that a possible material and commercially viable hydrocarbon resource remains to be tested.