Ascent Resources plc said that, due to a legal amendment, it did not expect to complete certain work relating to hydraulic stimulation of its operating gas wells in Slovenia. LAW AMENDMENTS The company also expects to increase its claim for damages due to a further breach of the Energy Charter Treaty (ECT) and UK-Slovenia Bilateral […]
Legal
VOG temporarily stops trading after $12m award ruling
Victoria Oil & Gas plc (VOG)’s shares were yesterday suspended after an arbitral tribunal of the International Chamber of Commerce (ICC) ruled against the company’s subsidiary Gaz du Cameroon, making an award of US$12.1 million. NO DELAYS The dispute between GDC and RSM Production Corporation relates to previous work in Cameroon. The company said that […]
Predator reviews options to recover Inniss-Trinity gas revenues
Predator Oil & Gas Holdings plc said it continued to evaluate its options to recover revenues from its operations at the Inniss-Trinity gas project in Trinidad. SETTLEMENT This is to recover significant CO2 EOR [enhanced oil recovery] revenues to which the company believes it is entitled under the WPA with FRAM Exploration Trinidad Ltd. Predator […]
Capricorn receives $1bn tax refund from India
Capricorn Energy plc said that the Indian tax refund of INR79 billion had now been paid and it had received net proceeds of US$1.06bn. The company expects to issue a circular in early March detailing the shareholder resolutions required in connection with the proposed shareholder return of up to $700m. This comprises a $500m tender […]
Court ruling allows UKOG to continue oil production at Horse Hill
UK Oil & Gas plc said that a court ruling has allowed it to continue oil production at Horse Hill in Surrey for the rest of the field’s commercial life. COURT OF APPEAL The company added that the Court of Appeal had refused an appeal by Finch et al to overturn the December 2020 Judicial […]
Ascent nears legal deal for Slovenia arbitration
Ascent Resources plc soon expects to complete the conditions to the binding damages-based agreement appointing Enyo Law LLP as its representative in the dispute with Slovenia. TREATY In a statement Ascent added: “Following completion, the company and its legal advisor will immediately progress to compile and execute the required materials and officially submit the arbitration […]