(Alliance News) - Oil producer Amerisur Resources PLC said Friday the court in Colombia has rejected a global freeze of its assets, though it has targeted some in the UK.
The court has, however, adjourned the hearing of the case until after Amerisur's GBP242 million takeover by GeoPark Ltd is completed.
Amerisur on Wednesday confirmed local communities in the Putumayo region of Colombia, where much of its operations are, had taken the company to court over environmental damage.
The claimants, represented by law firm Leigh Day, had sought a freezing order against Amerisur. However, Amerisur said Friday the court has rejected a global freeze, but it has frozen GBP3.2 million of UK assets.
Amerisur, which is based in Cardiff, said this figure is far below what the claimants had sought.
The court has also confirmed the hearing of the case will be heard in early March.
The company has previously said the legal action will not hinder its takeover by GeoPark, and it reiterated this on Friday due to the case not being heard until after completion.
The takeover is expected to complete on Thursday next week, before shares are cancelled from AIM market the day after.
Amerisur Resources shares were up marginally at 19.14 pence each in London on Friday morning.
By George Collard; georgecollard@alliancenews.com
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