RE: EME v Conrad - AI Opinion on legal dispute22 Nov 2025 13:47
the issue here isn’t vibes or who “feels” right - it’s the contract. under the joa this whole thing is governed by english law and any dispute has to go through icc arbitration in london. conrad can **** about all they like, but they can’t magic away a registered 8.5% working interest just because it suits their timeline with nations (or their own greed). that’s not how english law works and they know it.
cash calls don’t let you confiscate someone’s interest for zero - the agreement has a clear process: notice, cure period, valuation, offer to other parties, and if disputed it goes straight to arbitration. you don’t jump from “we disagree on a number” to “you’re gone”. if conrad skip those steps, they’re in breach themselves, and that’s exactly why eme have pushed this straight back into the dispute-resolution process.
and let’s be real here - conrad wouldn’t be doing any of this if they genuinely thought the forced withdrawal would stick. they’re skint, they’ve just sold out cheap, and they need a clean wi structure to get indonesian approval (double quick). that means they need nations to sort eme one way or another, whether they like it or not.
so no, this isn’t some grey area where “maybe they can”, “maybe they can’t”. under english law and the joa terms, you can’t extinguish a proprietary 8.5% for nil. full stop. and when a multi-billion-dollar gas project needs a clean title before the regulator signs off, the minority partner almost always gets paid, because delay costs everyone far more than settlement (and potentially kills the entire farm in deal).
this is priced that eme will get nil for their 8.5%. the market knows that can’t happen. do the maths yourselves …
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