LONDON (Alliance News) - San Leon Energy PLC late Tuesday said the Regional Court of Warsaw in Poland has recognised and enforced an international ruling made against the company's subsidiary concerning a dispute over the Siekierki asset in the Poznan area of Poland.
The lengthy dispute stretches back to 2013 and concerns the stake held by Auerlian Oil & Gas, a subsidiary of San Leon, in the company that holds the Polish asset.
The concerns are over Aurelian's acquisition of a 10% stake in the company that was owned by Avobone NV and Avobone Poland BV. San Leon has been contesting the claims, but a court ruled last May that Aurelian had to pay GBP13.0 million, including costs, to settle the case.
San Leon then appealed, and lost, meaning that award is still outstanding. However, the claim rose to GBP15.5 million after accrued interest and costs were taken into account.
"Today, the Regional Court recognised the International Court of Arbitration of the International Chamber of Commerce award and its enforceability on Aurelian, or one or more of its constituent companies, in Poland," said San Leon on Tuesday.
"The Aurelian subsidiaries have leave to appeal the decision," the company added.
San Leon shares remain suspended.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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San Leon (SLE)