Victoria Oil & Gas PLC RSM and VOG Arbitration (6602D)
21 Febbraio 2020 - 8:00AM
UK Regulatory
TIDMVOG
RNS Number : 6602D
Victoria Oil & Gas PLC
21 February 2020
21 February 2020
Victoria Oil & Gas Plc
("VOG" or the "Company")
RSM and VOG Arbitration
Victoria Oil & Gas Plc, whose wholly owned subsidiary, Gaz
du Cameroun S.A. ("GDC"), the onshore gas producer and distributor
with operations located in the port city of Douala, Cameroon,
provides shareholders with an update on the status of arbitration
between the Company and RSM Production Corporation ("RSM"), GDC's
partner in the Logbaba concession with an 38% non-operated
interest.
The Company previously informed the market that, on 22 July
2016, RSM had filed a request for arbitration with the
International Chamber of Commerce ("ICC") pursuant to the Operating
Agreement between the parties regarding the rig and drilling
contractor selected by GDC to conduct the drilling of two new wells
at the Logbaba project. In January 2019, the subject of the claim
was withdrawn on condition that RSM pay GDC's costs, which it
did.
In another ICC arbitration filed in October 2018, which RSM
amended in August 2019, RSM is asserting material claims primarily
related to final invoices for the drilling of the two wells, La-107
and La-108, and certain audit exceptions raised by RSM following
audits of the Logbaba operations between 2015 and 2018. RSM has
made two attempts to obtain interim rulings which GDC has
successfully defended and the substantive matter is currently
scheduled for hearing at the end of January 2021.
Separately, on 3 February 2020, RSM filed an arbitration
application under UNCITRAL Rules pursuant to a Participation
Agreement for the project. Much of the relief sought in this second
arbitration duplicates the new claims in the ICC arbitration save
that it also challenges the validity of cash calls GDC issued in
November 2019 for RSM's share of expenses in relation to the La-108
well remediation (in aggregate $2.9m) and raises issues relating to
the primacy of the underlying governing documents relating to the
Logbaba project, and the process of approvals for certain actions
of GDC as the Operator on the Logbaba project. This arbitration
will be heard in London under Cameroon Law.
Arbitrations under ICC and UNCITRAL rules are con dential
processes. VOG is not permitted to provide detailed comments on
them, beyond saying that it continues to vigorously defend the
claims raised by RSM.
For further information, please visit www.victoriaoilandgas.com
or contact:
Victoria Oil & Gas Plc
Ahmet Dik Tel: +44 (0) 20 7921 8820
Kate Baldwin
Strand Hanson Limited (Nominated and Financial Adviser)
Rory Murphy / James Dance / Jack Botros Tel: +44 (0) 20 7409
3494
Shore Capital Stockbrokers Limited (Broker)
Mark Percy / Toby Gibbs (corporate finance) Tel: +44 (0) 20 7408
4090
Jerry Keen (corporate broking)
Camarco (Financial PR)
Billy Clegg Tel: +44 (0) 20 3757 4983
Nick Hennis Tel: +44 (0) 20 3781 8330
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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