The Board of Victoria Oil & Gas Plc (AIM:VOG), the AIM quoted oil and gas exploration company, is pleased to announce that the General Prosecutor of the Republic of Kazakhstan ("the General Prosecutor") has supported the Company's appeal against the claim made against its ownership of the Kemerkol oil field as previously announced on 25 April 2008.
The claim was lodged against VOG's subsidiary, Victoria Energy Central Asia LLP ("VECA"), disputing the valid transfer of the Kemerkol licence to VECA in 2005. The claim was made and initially upheld in the Economic Court of the Atyrau Oblast in Kazakhstan in March 2008. VOG has always maintained that the transfer was undertaken legally and has defended this position vigorously through the entire appeal process.
After assessing the particulars of the claim and VECA's subsequent appeals, the General Prosecutor has issued a formal letter of protest to the Supervisory Panel of the Atyrau Oblast Court demanding cancellation of the court decision. This will mean that, VOG's ownership of Kemerkol will be restored and the case will be sent back to the Economic Court for reconsideration.
The General Prosecutor has also insisted on an examination of certain matters relating to the validity of the claimant, which were previously disregarded by the Court.
Commenting on the General Prosecutor's support, Kevin Foo, Chairman of VOG, said today, "The support of the General Prosecutor further endorses the legitimacy of our ownership of Kemerkol and we now expect the Courts to dismiss this fraudulent case and allow us to recommence activity at Kemerkol. We will provide further information in due course."
Voger- thanks that helps, I gathered there had been some dilution. If the company can finish it's pipeline project in Cameroon then one would hope this might supply the cash to turn attention to those forgotten assets!
max-2014 well now you are going back 10 years. but here's some info. dilution has been massive over 10 years, gaz prom were said to want a lot of money to transport our gas in there pipeline. $35mill was written of the books because Kermekol was and still is in dispute. then you have the market sentiment or lack of in the oil and gas sector. this is all from memory, but i have only been in for four years, and westmed and kem were before my time, hope this helps
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