Petroceltic High Court case settled
Published 08/08/2014 | 12:53
Exploration firm Petroceltic has settled a legal challenge against an international consultancy firm.
The High Court case, which had been stuck out, related to payments that Abdelly & Associes claimed were owed by Petroceltic Isarene, the oil and gas explorer's Algerian assets holder.
Petroceltic said it was withdrawn claims against Samir Abdelly and Tunisia-based AAAIC, with both parties withdrawning any counter claims against the company.
No financial details of the settlement have been released.
“The company today announces that Mr Abdelly, AAIC and the company have entered into a settlement agreement in respect of the proceedings,” Petroceltic said in a statement.
“The company has withdrawn all claims made in the proceedings.
“Mr Abdelly and AAIC have withdrawn their counterclaims against the company and no other legal or contractual arrangements, other than the settlement, exist between the parties.
“The proceedings have been brought to a conclusion and have been struck out in the Irish High Court.”
Petroceltic is led by Irish exploration industry figure Brian O Cathain, with former Tullow Oil top executive Tom Hickey as financial officer.
Petroceltic began legal proceedings last year against the two parties the previous board had signed deals with in 2004 and 2005 for its North African business activities.
It was alleged millions of euros were still due from an agreement to pay 7.5pc from net production income on the Algerian prospect.
It recently emerged the oil and gas exploration and production company, which focuses on the Middle East and North Africa, is set to launch a $2bn investment in Algeria later this year.
The investment will be one of the largest-ever undertaken by an Irish firm overseas and propels the Dublin and London -listed Petroceltic into a select group of companies, such as the banks, CRH and Smurfit, which have made billion-dollar investments abroad.