RE: RNS - SMP15 Jul 2019 11:09
YinYang If you do not understand the RNS please ask a question rather than making inaccurate statements. The supervised mediation is Autumn however.
The Company is seeking the revocation of the order at a hearing in Pointe Noire this week on several grounds including that the equipment and oil at the site is the joint property of SPNC, the Government (in the case of the oil) and the Company, and therefore has been wrongfully seized. The judgment of the court may take a few days to be delivered. The Company has been advised that its application for the revocation of the order has merit.
This order has had no impact on the operations of the Company.
o The order is over the Company's fixed assets (which are jointly owned by the Company and SNPC, the state oil company) and crude in tank (which is jointly owned by the Company, SNPC and the Government) at Tilapia.
o The order has no impact on the Company's licence.
o The Company maintains limited cash balances in the Congo and the blocking of one of its accounts there has had no operational impact.
GLA