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BRIEF-Tap Oil says Northern Gulf statutory demand set aside

Published 27/08/2015, 11:15 am
© Reuters.  BRIEF-Tap Oil says Northern Gulf statutory demand set aside
TAP
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Aug 27 (Reuters) - Tap Oil Ltd TAP.AX :

* Says court determined that there was a genuine dispute in regards to the amount demanded by ngph

* Update on outcome of the application to set aside the statutory demand filed by northern gulf petroleum holdings (ngph)

* Says court set aside the statutory demand and ordered that ngph pay costs in regards to the matter

* asserts that as at 26 August, net amount owing to it by northern gulf companies under sale and purchase agreement is approximately US$5.1 million

* Says arbitration process is expected to date approximately 12-18 months to complete

* Source text for Eikon ID:nASX666KNl

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