Tap Oil Limited
(ASX:TAP) says it has settled a long running dispute with the operator of its Manora Oil Development.
Back in March last year, Tap announced that an unexpected capital expenditure increase of $12.2 million due to delays in construction, hook-up, commissioning and contractor claims for the Thai oil field.
Tap has now agreed to pay US$5 million of a US$9.1 million balance outstanding for the project. The $5 million payment will be made in two equal instalments by end December this year.
The agreement gives Tap and its lenders financial clarity around the project moving forward.
Tap Oil reported a net loss of $22.68 million for the 2015 financial year.
