PPL Asia E&P B.V. (PPL Asia), a subsidiary of Pakistan Petroleum Limited (PPL) has reached a mutually favorable settlement with Midland Oil Company (MdOC), a state-owned Iraqi oil company.
PPL shared this development with the Pakistan Stock Exchange (PSX) through a notice on Monday in compliance with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of PSX Regulations.
The company said that the settlement successfully concludes all matters relating to the Exploration, Development, and Production Service Contract (EDPSC) for Block-8 in Iraq.
The settlement agreement was officially signed on October 6 2024 in Baghdad, Iraq, by Mr Imran Abbasy, Managing Director-A of PPL Asia, and Mr. Muhammad Yaseen Hassan, Director General of MdOC.
“Under the terms of the settlement agreement, MdOC, through a third party, will make a net payment of $6 million to PPL Asia,” read the notice.
This settlement, the result of sustained negotiations with Iraqi authorities, marks a significant milestone for PPL Asia and the Company, in successfully concluding their contract in Block-8 while securing and safeguarding their financial interests.
