Oil and gas company Range Resources has reached an agreement to settle all outstanding claims and disputes with Colombian regulator Agencia Nacional de Hidrocarburos (ANH).
The deal was signed on behalf of a consortium involving Optima Oil and Range Resources.
In 2016, ANH made a claim that required the consortium to pay around $53m on the grounds of non-compliance with various exploration work commitments and the presentation of invalid letters of credit.
Since then, Range Resources has been engaged in negotiations with its legal advisers and the consortium partners to reach a solution.
Under the settlement deal, ANH confirmed that the consortium has no liability for any payments or debts and that all proposed penalties have been waived.
In addition, the consortium agreed to no longer pursue potential claims against ANH.
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By GlobalDataRange Resources and Optima have also consented to the termination of exploration licences for PUT-5, VMM-7 and VSM-1.
Range Resources said that it ‘acknowledges the constructive approach taken by all parties during negotiations’.
The settlement is conditional upon the receipt of court approval in Colombia, which is due within the next three to six months.
