RE: Agamore31 Aug 2018 13:33
The Company considers the action as spurious, vexatious and ill-founded. Counsel have been instructed and
motions to have the action dismissed have been filed. The case was initially heard on 5 June 2018, however,
Agamore’s lawyers failed to appear at the hearing. The case was continued until 29 July 2018 where Agamore’s
lawyers did appear in person at the hearing but the hearing was again continued to 5 September 2018 as the
judge noted a technical failure on the part of Agamore to serve the action properly on one or more of the
defendants. The NNPC and DPR have requested ShoreCan’s lawyers also represent them to seek dismissal of
the action. NNPC and DPR make clear in their instruction correspondence that they have not approved any
assignation of an interest to Agamore and do not recognise it as having any title interest in OPL 226. With all
defendants including the Nigerian governmental agencies considering the action to be ill-founded, the Company
remains confident that the action will be dismissed in due course.
If you want to read the dispute in full you can download the prospectus and find it here.
11. LITIGATION
Save as disclosed at paragraph 4.1(e) in Part VIII in respect of the Agamore proceedings, there are no
governmental, legal or arbitration proceedings nor, so far as the Company is aware, are any such proceedings,
pending or threatened, which may have, or have had during the 12 months preceding the date of this Prospectus,
a significant effect on the Group’s financial position or profitability.
go to Part VIII section 4.1(e) for the full explanation.
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