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Victoria Oil & Gas said subsidiary Gaz du Cameroun had signed a settlement agreement with Weatherfords Services and Rental.
A full and final payment of $1.4m had been made to extinguish the outstanding debt.
In accordance with the settlement, the parties havdsigned and filed with the relevant court consent orders for the statutory demand to be set aside, which was now only a matter of process at court.
Victoria Oil & Gas said that the subsidiary had now settled all outstanding obligations relating to the drilling programme of La-107 and La-108 at Logbaba.
At 8:47am: (LON:VOG) Victoria Oil Gas PLC share price was +0.18p at 12.28p