Arbitrate or not arbitrate...29 Nov 2018 10:28
... that is the question. What do we know:
- court ordered them to begin the process by 1st Dec
- GSPC has filed the required forms to get this process started
- chairman statement says they both want to resolve this and avoid arbitration ‘if possible’
So what then?
1. Does chairman mean ‘if it is possible’ to get it sorted by 1st Dec?
2. Do they actually mean ‘to avoid a lengthy arbitration’?
3. Do they mean come to an agreement themselves without the cost of getting arbitrarators involved? ( and avoid the hearing)
Is it possible to apply for an extension if both parties agree to commence arbitration at a later date?
I personally think a deal will be done quickly to suit both parties. GSPC want to keep hold of Gambay, but they are at risk of loosing it all. so before that happens I think they will find a deal - releasing more of
Gambay to Oilex who can get on with drilling involving another JV partner. GSPC still have to pay their way but at least future payments for them will be reduced.... their money owed will still stand. Once drilling is underway, they all parties will win.
GLA