Release: Cue Energy: Jeruk Project Reimbursement
Thursday, May 25 2017 - 02:13 AM WIB
(May 23, 2017)-- Cue Energy Resources Ltd (ASX:CUE) advises that as a result of an economic project arrangement in the Jeruk field within the Sampang PSC, Indonesia, Cue had under certain circumstances an obligation to reimburse certain monies spent by the incoming party.
The matter was in dispute as to the quantum of monies that the incoming party was entitled to claim by way of such reimbursement and as to when it was payable.
The dispute has been active since late 2011 and was settled through an arbitration hearing and an award was made. The Company today has paid USD6.8m in settlement of these monies owing. USD4.6m had been accrued to date with the balance of USD2.2m being expensed. (ends)