Cor-6 Dispute: Approval of the Conciliation Agreement by Arbitration Tribunal and Termination of Controversy
03 Octobre 2018 - 8:00AM
Oslo, 3 October
2018
Interoil Colombia E&P (Interoil Colombia) is
pleased to announce that the Arbitration Tribunal acting in the
controversy between Interoil Colombia and the National Hydrocarbons
Agency of Colombia -Agencia Nacional de
Hidrocarburos- (ANH) has granted its approval to the
conciliation agreement entered into by the parties (the
"Conciliation Agreement") to settle all the claims and disputes
concerning the Exploration and Production Contract No. 68, Block
COR-6, dated May 3, 2011 (the "COR-6 Contract").
The Conciliation Agreement 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 agreement 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.
By means of the resolution of the Arbitration
Tribunal dated October 2, 2018, the tribunal has approved the
Conciliation Agreement giving full effects to its provisions and
terminating the dispute subject to arbitration. Prior to the
approval by the Tribunal, the Office of the Attorney General of
Colombia (Procuraduría General de la Nación)
and the National Agency for the Legal Defense of the State
(Agencia Nacional de Defensa Jurídica del
Estado) had granted opinions in favor of the approval of the
Conciliation Agreement.
As a result of the Conciliation Agreement Interoil
is released from any liability, penalty or responsibility
(including monetary responsibility) relating to the COR-6
Contract.
Interoil acknowledges the positive and
constructive approach taken by the parties during the process and
negotiations aimed at resolving amicably and by consensus the
controversy and is pleased to have reached a satisfactory
resolution of the dispute.
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 70 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 West Corporation on behalf of West
Corporation 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
Iomed (AMEX:IOX)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Iomed (AMEX:IOX)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
Real-Time news about Iomed (American Stock Exchange): 0 recent articles
Plus d'articles sur Interoil Exploration & Production ASA