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Wednesday, April 09, 2014 12:58:50 PM
The parties will meet and arbitrate a settlement. The statement will say that they have agreed to postpone work to allow a reasonable amount of time for the DOJ investigation to be completed. If no charges are brought Tullow will reimburse HDY for operating expenses during the delay.
What this will really mean is that Tullow needs to develop and monetize some assets to better position itself before the next major exploration. They know that the pending investigation does not functionally prevent them from upholding their commitments, but they also hold the keys to the gold. They are willing to give up some gold if HDY will play along. How they sell this to ROG I have no idea.
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