Jersey Oil and Gas PLC (LON:JOG) has announced the US$850,000 settlement of a dispute with TGS-Nopec Geophysical Company (TGS),
Previously, TGS claimed uplift payments from Jersey Oil and Gas totalling US$1.05mln, though this was challenged by the company.
Since then, hearings took place in Norwegian courts and, based on legal advice, a settlement was subsequently negotiated.
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The company today highlighted that its cash position now stands at around £5mln, which it noted is some £3mln ahead of its initial budget which previously targeted £3mln by the end of 2020.
“We look forward updating shareholders on the group's Greater Buchan Area development project during the course of Q1 2021,” Jersey Oil and Gas said in a statement.