Pancontinental Oil & Gas NL and its subsidiary Afrex Ltd has announced that it has reached an agreement with Block L6 operator Flow Energy Pty Ltd (subsidiary of FAR) in response to default notices received from FAR Limited.
According to Pancontinental the settlement in this long standing matter with FAR involves the company making a payment of US $150,000 into a nominated account of Operator Flow Energy Pty Ltd (subsidiary of FAR) as full and final settlement of any and all outstanding cash calls
relating to Kenya Block L6. The amount which was the subject of the 2020 Default Notices totals US $567,145.80.
The parties will then execute the Surrender and Termination Agreement, to start the process of exiting from Kenya L6 as had earlier been announced by the operator.