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Victoria Oil & Gas (VOG)

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Monday 20 October, 2014

Victoria Oil & Gas

RSM Settlement Update

RNS Number : 6825U
Victoria Oil & Gas PLC
20 October 2014
 



 

 

20 October 2014

(AIM: VOG)

 

Victoria Oil & Gas Plc

("VOG" or "the Company") 

RSM Settlement Update

 

The Company today announces that Akintola Williams Deloitte, Nigeria ("Deloitte"), a member firm of Deloitte Touche Tohmatsu Limited, has finished its fieldwork and issued a draft report relating to development cost contributions by both parties towards the Logbaba gas project.

 

As announced on 24 January 2014, VOG and RSM Production Corporation ("RSM") entered into an agreement to appoint an independent firm to review the cash calls issued to RSM for:

 

·     RSM's participating interest share of incurred expenses from inception of the Logbaba gas project to 31 December 2013; and

·     An advance for RSM's participating interest share of anticipated expenses for January 2014.

 

Deloitte were appointed by RSM and VOG jointly under the agreement and completed their field work covering the agreed-upon procedures in September 2014.

 

A process of review is now underway where the parties can submit comments on the report to Deloitte. Following the review period, a final document will be issued by Deloitte to the parties. Under the terms of the Settlement Agreement Deloitte's decision is final.

 

VOG will update the market following receipt of the final Deloitte report.

 

For further information, please visit www.victoriaoilandgas.com or contact:

 

Victoria Oil & Gas Plc

Kevin Foo/Laurence Read Tel: +44 (0) 20 7921 8820

 

Fox-Davies Capital

Oliver Stansfield Tel: +44 (0) 20 3463 5010

 

Strand Hanson Limited

Angela Hallett / Stuart Faulkner Tel: +44 (0) 20 7409 3494

 

Tavistock Communications

Ed Portman / Simon Hudson Tel: +44 (0) 20 7920 3150


This information is provided by RNS
The company news service from the London Stock Exchange
 
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