Cor-6 Dispute: Settlement Agreement
08 Juin 2018 - 8:37AM
Interoil Colombia E&P (Interoil Colombia) is
pleased to announce that it has reached an agreement with the
National Hydrocarbons Agency of Colombia -Agencia
Nacional de Hidrocarburos- (ANH) to settle all outstanding
claims and disputes between Interoil Colombia and the ANH
concerning the Exploration and Production Contract No. 68, Block
COR-6, dated May 3, 2011 (the "COR-6 Contract"). The
settlement includes a termination of the COR-6 Contract by mutual
agreement and a mutual waiver and definitive release of the parties
to make any claim with regard to the COR-6 Contract.
This settlement terminates the dispute concerning
the COR-6 Contract and its termination by resolutions of the ANH
alleging a default of Interoil Colombia, a controversy that lead
Interoil Colombia to file on July 21, 2017, an arbitration
complaint before the Centre of Conciliation and Arbitration of the
Bogota Chamber of Commerce -Centro de Conciliación
y Arbitraje de la Cámara de Comercio de Bogotá- with the view
of resolving the dispute.
The settlement has been reached following the
filing of the arbitration complaint and of the response made by the
ANH and in the context of the invitation addressed to the parties
by the Arbitration Tribunal acting in the case to explore a
termination of the dispute by conciliation. The Arbitration
Tribunal also summoned the parties to a conciliation hearing called
for June 6, 2018.
The parties actively worked with their respective
counsels to find a satisfactory outcome of the conflict and
eventually agree on the terms of a mutually acceptable
resolution.
By means of the agreement all claims of the ANH
against Interoil Colombia concerning the COR-6 Contract are
terminated, including any claims concerning damages and enforcement
of related guarantees. Likewise, Interoil Colombia waives all
claims against the ANH concerning the COR-6 Contract, which is
terminated by mutual agreement with a mutual release of the parties
relating to such contract.
The Parties filed this agreement with the
Arbitration Tribunal and attended on June 6, 2018, the conciliation
hearing called by the tribunal.
The agreement is subject to the resolution of the
Arbitration Tribunal which is expected to be issued within the
month of June, 2018.
Interoil acknowledges the constructive approach
taken by the parties during the process and negotiations aimed at
resolving the differences and is pleased to have reached a mutually
acceptable outcome with ANH.
Contact: ir@interoil.no
***************************
Interoil Exploration and Production ASA is a
Norwegian based exploration and production company - listed on the
Oslo Stock Exchange - with focus on Latin-America. The Company is
the operator of several production and exploration assets in
Colombia. Interoil currently employs approximately 60 people and is
headquartered in Oslo.
This information is subject to the
disclosure requirements pursuant to section 5 -12 of the Norwegian
Securities Trading Act.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Interoil Exploration & Production ASA via
Globenewswire
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