Business
GPS Settlement Agreement
GPS Settlement Agreement.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n RNS Number : 8662A Cadogan Petroleum PLC 15 October 2009 \n \n15 October 2009\n\nCadogan Petroleum PLC\n(\"Cadogan\" or the \"Company\")\n\nGPS Settlement Agreement\n\n\nCadogan announces that it has resolved the disputes that existed between the Company and Global Process Systems LLC (\"GPS\") concerning contracts for the fabrication and delivery of two gas treatment plants for a total purchase price of US$54.5 million. The key commercial terms of the settlement provide for GPS exclusively to market the plants for a 10 month period and, if a sale is achieved, for Cadogan to receive in stage payments an aggregate cash consideration of US$38.5 million. If the plants are not sold within this period, then GPS has agreed to take the plants to stock and Cadogan will receive in stage payments an aggregate cash consideration of US$37.5 million. The settlement also provides for the release by GPS of a US$11 million contractual claim against Cadogan for what would otherwise have been the balance of the consideration for the plants. Cadogan continues to pursue claims against all the other parties to the litigation, commenced by Cadogan in London, which has been the subject of previous announcements by the Company.\n\n\nEnquiries:\n\n\n\n\n\nCadogan Petroleum \n\n\n+44 20 7245 0801 \n\n\n\n\nIan Baron \nStefan Bort \n\n\n\n\n\n\n\nPelham PR\n\n\n\n\n\n\n\nJames Henderson \n\n\n+44 20 7337 1501 \n\n\n\n\nEvgeniy Chuikov\n\n\n+44 20 7337 1513\n\n\n\n\nPhillip Dennis\n\n\n+44 20 7337 1516\n\n\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCUVVSRKVRRAAA \n ","length":3614,"tagName":"div"}]