Irish exploration firm Clontarf Energy says it will now focus on African oil opportunities after settling a legal dispute in the USA.
The company has paid £300,000 including legal fees, with subsidiary Hydrocarbon Exploration paying a further £300,000 to settle the dispute.
The dispute, relating to a well abandonment case in 2007, has now been resolved with no admission of liability. Two directors – chairman John Teeling and Jim Finn – are to loan the company the money to cover the cost to Clontarf.
“The expense, inconvenience, uncertainty and opportunity costs inherent in proceeding with further litigation in a case ongoing since 2007 led all parties to an agreed settlement without any admission of liability,” said chairman John Teeling.
“We have now a strategy in Peru and we are working towards a solution suitable for our Bolivian assets. The company’s focus going forward will be on African oil opportunities”.
Recommended for you
