"Baraka Energy & Resources Ltd ("Baraka"), a 25% working interest owner in EP 127 and EP128 is disputing the 2014 WP&B on these blocks. PetroFrontier does not see merit in Baraka's objections and both Statoil and PetroFrontier are keen to move forward with the work plan announced. The joint operating agreement ("JOA") among the parties does provide for the potential dilution of Baraka's 25% working interest should it refuse to pay its cash calls. Statoil and PetroFrontier together hold 75% of the working interest and have voted to approve the 2014 WP&B in accordance with the JOA. These issues may result in a realignment of the actual work performed on EP127 and EP128 but are not expected to have a material impact on the overall technical results of the 2014 work program and information gathered."
Sourced from http://www.menafn.com/
BKP Price at posting:
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