Petroceltic agrees legal settlement deal

Friday 08 August 2014 08.17
Petroceltic's legal proceedings struck out in High Court
Petroceltic's legal proceedings struck out in High Court

Exploration company Petroceltic has reached agreement with Samir Abdelly and Abdelly and Associes International Consulting over proceedings relating to its operations in Algeria. 

In a statement, the company said that it has withdrawn all claims made in the proceedings.

Mr Abdelly and AAIC have also withdrawn their counterclaims against the company, Petroceltic added.

The proceedings have been struck out in the High Court. No financial details of the settlement were provided.

Petroceltic began legal proceedings last year against two parties the previous board had signed deals with in 2004 and 2005 for its North African business activities.

Petroceltic began legal proceedings last year against two parties the previous board had signed deals with in 2004 and 2005 for its North African business activities.