The agreement settles debt related to past drilling activities at the Logbaba field in Cameroon.
() has signed a settlement agreement to resolve all outstanding obligations to Weatherfords for the La-107 and La-108 well programmes at the Logbaba field.
The company has agreed to pay Weatherfords Services and Rental Ltd US$1.4mln as full and final payment, to extinguish outstanding debt.
“In accordance with the settlement, the parties have signed and filed with the relevant court consent orders for the statutory demand to be set aside, which is now only a matter of process at court," the group said.
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