Tullow Oil plc has been ordered to pay $76 million to HiTecVision in relation to a dispute regarding the acquisition of Spring Energy.
DECISION
In a statement Tullow said that a panel of arbitrators, working under the jurisdiction of Norwegian law, had delivered an award in favour of HiTecVision.
“The panel had been asked to adjudicate as to whether discoveries made in the PL-537 Licence (Offshore Norway) between 2013 and 2016 had triggered a further payment under the SPA between Tullow and HiTec regarding the purchase of Spring Energy in 2013.
“With the award, the panel has decided by way of split decision that conditions for a further payment outlined in the SPA were met.
“The Tribunal has ruled that Tullow should pay c. $76 million within the next 14 days. This amount also includes interest and costs.
“The award is final and binding. Tullow will pay the award from its current cash balances.”