Victoria Oil & Gas PLC UNCITRAL Arbitration Update (3011N)
29 Settembre 2021 - 8:00AM
UK Regulatory
TIDMVOG
RNS Number : 3011N
Victoria Oil & Gas PLC
29 September 2021
29 September 2021
Victoria Oil & Gas Plc
("VOG" or the "Company")
UNCITRAL Arbitration Update
Victoria Oil & Gas Plc, whose wholly owned subsidiary, Gaz
du Cameroun S.A. ("GDC"), is the onshore gas producer and
distributor with operations located in the port city of Douala,
Cameroon, is pleased to provide an update on the dispute with RSM
Production Corporation ("RSM") and the arbitration proceedings
under UNCITRAL rules (dating from February 2020), details of which
have previously been disclosed, most recently in the Company's
Annual Report Accounts to 31 December 2020. RSM is our joint
interest owner in the Logbaba Project in Cameroon with a 38 percent
working interest, alongside the Company and the National
Hydrocarbons Corporation of Cameroon.
VOG and RSM have now reached a settlement agreement which has
enabled the parties to dismiss the UNCITRAL hearing which was due
to commence this week in London. The settlement involves the
agreement of certain accounting policies and procedures, the
clarification of certain decision-making processes, and an
agreement on the amount of monies payable to RSM in line with their
existing contractual arrangements from existing cash resources in
country. This hearing and the inevitable follow-up would have
likely cost the Company a substantial amount in legal costs alone,
whilst the amounts under dispute were material.
ICC Arbitration
The settlement of the UNCITRAL arbitration is without prejudice
to all claims pending in the ICC arbitration Case No. 23991/MK. The
ICC arbitration hearing took place in April of this year, and the
ICC has yet to issue its Award.
Roy Kelly, Chief Executive of the Company, commented:
"We are delighted to have settled this dispute and avoid yet
another hearing, this time under UNCITRAL rules, and thus avoid the
unnecessary expenditure of time, cost and human resources both
during the hearing and the inevitable follow-up. This removes
another legacy issue and overhang on the company and allows
management to concentrate on more value-enhancing activities.
We are very grateful to RSM for engaging so constructively and
decisively on this matter, demonstrating the benefit of direct
dialogue."
The information contained within this announcement is deemed to
constitute inside information pursuant to the EU (Withdrawal) Act
and amended pursuant to Market Abuse (Amended) (EU Exit)
Regulations 2019. Upon the publication of this announcement, this
inside information is now considered to be in the public
domain.
For further information, please visit www.victoriaoilandgas.com or contact:
Victoria Oil & Gas Plc
Roy Kelly/Rob Collins Tel: +44 (0) 20 7921 8820
Strand Hanson Limited (NOMAD)
Rory Murphy/James Dance Tel: +44 (0) 20 7409 3494
Shore Capital Stockbrokers Limited (Broker)
Mark Percy / Toby Gibbs (corporate advisory) Tel: +44 (0) 207 408 4090
Jerry Keen (corporate broking)
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END
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