Canadian Overseas Petroleum Limited (LON:COPL) announced that its joint venture in Nigeria has extended the deadline to conclude documentation for a settlement in the dispute with its partner Essar Exploration & Production.
An agreement was previously reached in principle and a new deadline of August 4, 2020, has now been set.
"With the commercial terms settled in the agreement in principle, the legal language over a number of agreements has largely been agreed upon,” Arthur Millholland, COPL chief executive said in a statement.
“Both parties continue to work amicably towards completion and have agreed to extend the backstop date for two weeks, but we both hope this will be wrapped up earlier than that. We continue to look forward to the future working relationship with Essar to unlock the potential of OPL 226," he added.