Victoria Oil and Gas Unit, Gaz du Cameroun, signs Settlement Agreement with RSM Production Corporation in relation to the Logbaba gas project in Cameroon operated by GDC
- US$16.3m paid by RSM towards the cash call for expenses issued by GDC on 23 December 2013 with agreement for an audit to determine the final balance payable by or to be refunded to RSM.
- The audit will be undertaken by an independent auditor, jointly instructed in accordance with the terms of the Operating Agreement. The audit is to commence in Q1 of 2014 and be completed within 90 days.
- RSM's Emergency Application to the ICC and Third Arbitration Request have been withdrawn.
- The Notices of Default served by GDC on RSM have also been withdrawn.
- The 2014 Work Program and Budget have been deemed approved by RSM with RSM to pay its share of cash calls for 2014 in accordance with the parties' Operating Agreement upon completion of the audit.