Red Rock Resources plc said it had served a precautionary attachment on its local partner, VUP SA, relating to copper-cobalt projects in the Democratic Republic of Congo. ADVICE In March 2019 Red Rock, through its local subsidiary, signed a joint venture agreement with Congolese VUP (Vumilia Pendeza SA) over certain assets in Katanga. The partners […]
Legal
Ascent secures non-recourse funding for Slovenia claim
Ascent Resources plc announced it had signed a binding damages-based agreement for its arbitration claim against the Republic of Slovenia. ARBITRATION Ascent said that the agreement was with Enyo Law LLP who filed the notice of dispute and represented the company in the pre-arbitration negotiations. The agreement will start arbitration proceedings against Slovenia under the […]
Cairn uses new scheme for $1.06bn tax refund from India
Cairn Energy plc said it would start filing documents under a new scheme for the refund of US$1.06bn taxes from the Indian government. LEGISLATION The company added it had entered into undertakings with the government to participate in the scheme introduced by recent Indian legislation, the Taxation Laws (Amendment) Bill 2021. This allows the refund […]
VOG settles Logbaba gas dispute
Victoria Oil & Gas plc (VOG) has reached a settlement agreement with RSM Production Corporation over the Logbaba gas project in the port city of Douala, Cameroon. JOINT INTERESTS VOG’s wholly owned subsidiary, Gaz du Cameroun SA, is the onshore gas producer and distributor. RSM is joint interest owner with a 38% working interest, alongside the […]
Public inquiry begins over WCM coal mine plan
A public inquiry has started on West Cumbria Mining’s plans for a £160 million metallurgical coal mine under the seabed near Whitehaven off the coast of Cumbria. TIMELINE The inquiry follows a decision by the Secretary of State for Local Government, Housing and Communities Robert Jenrick to call in the application for Woodhouse Colliery despite […]
Cairn Energy nears end of tax dispute with India
Cairn Energy plc announced that it had nearly resolved the outstanding tax issues with India and soon expected to complete its acquisition in Egypt. INDIA Cairn said that a near-term India resolution would see up to $700m (£500m) returned to shareholders via special dividend and buyback, subject to approval. The remainder will be retained to […]