State agency oil and gas on fb just now29 Apr 2020 18:00
The agency sent a message to the company about the termination of the contract with Frontera
On April 17, 2020, the final arbitration award was issued on the one hand between the State Oil and Gas Agency LEPL and JSC Georgian Oil and Gas Corporation and, on the other hand, the ongoing arbitration dispute between Frontera Risorz Georgia Corporation and Frontera USA. In connection with the beginning of which was "Frontera Rissoriz Joe Jia Corporation "by June 25, 1997, shares of products distribution and processing plant for the study of its contractual obligations.
The decision to initiate the dispute was made after numerous attempts by the agency and the corporation to resolve it failed. Frontera Riverside Georgia Corporation has repeatedly rejected the proposal to end the dispute through mediation.
The Arbitration Tribunal shared the Agency's and Corporation's vision for the interpretation of the contract norms and, among other things, found that by refusing to return the search area (99% of the entire licensed area) to the state, Frontier Contract Ratio Contact with Georgia One hundred gives. According to the decision, the defendants were instructed to reimburse the amount of the fee for the use of natural resources paid by JSC Georgian Oil and Gas Corporation and also the expenses incurred by the plaintiffs in connection with the arbitration proceedings. The arbitral tribunal also upheld the acquittal of Frontera Riverside Georgia Corporation and Frontera in the United States' claims and terminated the proceedings in connection with those claims. The decision of the arbitral tribunal is final.
In view of the content of the arbitral award and other circumstances, on 27 April 2020 the Agency forwarded a notice to Frontera Riverside Georgia Corporation stating that the contract had been terminated. The contract will be automatically terminated upon termination of the term specified in it (July 27 of this year).
LEPL State Oil and Gas Agency and JSC Georgian Oil and Gas Corporation completely and unequivocally reject some of the media outlets that, in a statement issued on April 29 this year by Frontera Research Georgia Corporation and Frontera, misrepresented the US statement. . The Georgian side urges the company to voluntarily comply with the decision of the arbitral tribunal as soon as possible, including the payment of funds to the Georgian side (approximately USD 6 million).
At the same time, we note that according to the rules of arbitration, the final decision can be made public with the consent of the parties. The agency and the corporation agree to make the decision public. The corporation has applied to Frontera Research Georgia Corporation for approval, but has not yet received a response from them.
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