Serinus Energy PLC Request for Arbitration filed (8314C)
October 22 2020 - 1:00AM
UK Regulatory
TIDMSENX
RNS Number : 8314C
Serinus Energy PLC
22 October 2020
22 October 2020
Press Release
Request for Arbitration filed against defaulted Romanian
Partner
Jersey, Channel Islands, 22 October 2020 -- Serinus Energy plc
("Serinus", "SEN" or the "Company") (AIM:SENX, WSE:SEN) announces
that it has filed a Request for Arbitration with the Secretariat of
the International Court of Arbitration of the International Chamber
of Commerce ("ICC"). The request for arbitration concerns the
Company's former joint venture partner on the Satu Mare Concession
(the "Concession") in Romania, Oilfield Exploration Business
Solutions S.A. ("OEBS). The Company seeks to have an arbitral
tribunal issue a declaration affirming the Company's rightful claim
of ownership of OEBS' 40% participating interest in the Concession
("40% Interest"). The Company also seeks an order compelling OEBS
to take all necessary steps to formally transfer the 40% Interest
to Serinus due to OEBS' failure to carry out its contractual
obligations under the Joint Operating Agreement ("JOA").
As stated in prior Company disclosure, in December 2016 the
Company served OEBS with a notice of default ("Notice of Default")
due to OEBS' failure to make payment of US$978,445 of the Joint
Venture Billing Statement sent to OEBS on 18 November 2016, which
was due on 29 November 2016. OEBS subsequently failed to remedy the
default within the Default Period (as provided for in the JOA).
Once the Default Period had passed without the default being
remedied, the JOA explicitly states that OEBS was obliged to
transfer their 40% Interest to Serinus Energy Romania S.A. On 17
August 2017, the Company provided OEBS with a notice of deemed
transfer ("Notice of Deemed Transfer") pursuant to the JOA. This
Notice of Deemed Transfer stated that the 40% Interest was deemed
to have been transferred to Serinus Energy Romania S.A. pursuant to
the JOA and that OEBS must, without delay, do any act required to
render the transfer of the 40% Interest legally valid including
obtaining all governmental consents and approvals, and shall
execute any document and take such other actions as may be
necessary in order to affect a prompt and valid transfer of the
interest in the Concession. Under the terms of the JOA and pursuant
to the Notice of Default and Notice of Deemed Transfer, Serinus
commercially assumed 100% of the Concession.
The Company notified the National Agency for Mineral Resources
of Romania ("NAMR") of the default of OEBS and provided the
requisite guarantees to NAMR for 100% of the concession work
commitments. The Company has also communicated the position to the
fiscal authorities in Romania. The Company maintains its right to
100% of the obligations and benefits of commercial activities
conducted within the Concession.
To date, OEBS has failed to carry out its contractual obligation
to formally transfer the 40% Interest to Serinus. NAMR has not
registered the 40% Interest in the name of Serinus Energy Romania
S.A. on the basis that the request to approve the transfer was not
signed by OEBS. This has necessitated the filing of the Request for
Arbitration to resolve this matter and to force OEBS to carry out
its contractual obligations as stated in the JOA.
Further updates will be provided in due course as matters
progress.
About Serinus
Serinus is an international upstream oil and gas exploration and
production company that owns and operates projects in Tunisia and
Romania.
For further information, please refer to the Serinus website
(www.serinusenergy.com) or contact the following:
Serinus Energy plc
Jeffrey Auld, Chief Executive Officer
Andrew Fairclough, Chief Financial Officer
Calvin Brackman, Vice President, External
Relations & Strategy +4 4 208 054 2859
WH Ireland Limited
(Nominated Adviser and Joint Broker)
Katy Mitchell
Harry Ansell (Broker)
Lydia Zychowska +44 207 220 1666
A rden Partners plc
(Joint Broker)
Paul Shackleton / Dan Gee-Summons (Corporate
Finance)
Fraser Marshall (Equity Sales) +44 207 614 5900
Camarco
(Financial PR - London)
Billy Clegg
Owen Roberts +44 203 781 8334
TBT i Wspólnicy
(Financial PR - Warsaw)
Katarzyna Terej +48 602 214 353
Translation : This news release has been translated into Polish
from the English original.
Forward-looking Statements This release may contain
forward-looking statements made as of the date of this announcement
with respect to future activities that either are not or may not be
historical facts. Although the Company believes that its
expectations reflected in the forward-looking statements are
reasonable as of the date hereof, any potential results suggested
by such statements involve risk and uncertainties and no assurance
can be given that actual results will be consistent with these
forward-looking statements. Various factors that could impair or
prevent the Company from completing the expected activities on its
projects include that the Company's projects experience technical
and mechanical problems, there are changes in product prices,
failure to obtain regulatory approvals, the state of the national
or international monetary, oil and gas, financial , political and
economic markets in the jurisdictions where the Company operates
and other risks not anticipated by the Company or disclosed in the
Company's published material. Since forward-looking statements
address future events and conditions, by their very nature, they
involve inherent risks and uncertainties and actual results may
vary materially from those expressed in the forward-looking
statement. The Company undertakes no obligation to revise or update
any forward-looking statements in this announcement to reflect
events or circumstances after the date of this announcement, unless
required by law.
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END
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