Panoro files for arbitration over Aje field dispute

Panoro Energy has filed a request for arbitration against its joint venture partners in OML 113 off Nigeria due to a cash call notice for a new well on the Aje field. 

Panoro, through its fully owned subsidiary Pan Petroleum Aje Limited (PPAL), holds 6.502% participation interest in OML 113. The partners in the license are the Nigerian oil company Yinka Folawiyo Petroleum, the operator, New Age, Energy Equity Resources, and Jacka Resources.

Following the announcement made by Panoro on December 5, 2016, in respect of an interim injunction granted to PPAL against its joint venture partners by the English High Court, PPAL on Monday formally started dispute resolution proceedings with the OML 113 joint venture partners by filing a request for arbitration with the Secretariat of the International Chamber of Commerce.

The company explained on Tuesday that the dispute concerns the purported passing of resolutions by the joint venture partners with respect to a proposed new well to be drilled at Aje in OML 113, and a related cash call.

“While Panoro has the financial ability to fully meet the amount of this disputed cash call, the company believes the drilling of any new well is pre-mature at this stage. Panoro is also of a firm view that the decision to incur such additional capital expenditures at Aje unambiguously requires unanimous consent of joint venture partners, which as such has not been taken in accordance with the Joint Operating Agreement procedure, ” the company further explained.

Panoro also added it will seek to recover all losses, costs, expenses, compensation and damages in law and equity caused directly or indirectly by the joint venture partners’ breach of their contractual and equitable obligations.

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both domestic and overseas buyer groups, including Shell, Exxon Mobil, Total…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply