21 Mar 2017 07:00
21 March 2017
JKX Oil & Gas plc
("JKX", the "Company" or the "Group")
High Court Claim by Ukraine
Yesterday afternoon the Company received a notice by Ukraine's Ministry of Justice to the High Court of the United Kingdom naming JKX as a defendant in an application seeking to set aside the recent Uncitral arbitration award against Ukraine and in favour of JKX.
We believe the application to be without merit and frivolous, and a troubling attempt to set aside the legally binding and legitimate award in favour of JKX. The basis for this application is that the arbitral tribunal allegedly committed 'serious irregularity' in conducting the arbitral proceedings. JKX notes that the chair of the tribunal was Judge James Crawford, who serves as a judge on the International Court of Justice in The Hague, having been elected by the United Nations General Assembly and Security Council to that post.
This misguided new action is all the more disappointing, coming just hours after the conclusion of our annual results call, during which the Company reaffirmed its twin strategic priorities of resolving inherited legal disputes with Ukraine, and securing financing to accelerate the Rudenkivske field development project in Ukraine.
We continue to seek an amicable resolution of all previous legal claims between JKX and Ukraine, as we have stated since early last year and as recently as yesterday's annual results call. We once again reaffirm that we are seeking a constructive dialogue with senior decision-makers in the Ukrainian government. In the meantime, we will defend the interests of the Company in the High Court.
We repeat our call on the Ukrainian Government to help us to successfully invest in their country, and allow us to establish a platform to meaningfully contribute to Ukraine's energy independence.
This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company's obligations under Article 17 of that Regulation.
ENDS
JKX Oil & Gas plc +44 (0) 20 7323 4464
Russell Hoare, Chief Financial Officer
Stockdale Securities +44 (0) 20 7601 6100
Robert Finlay, Daniel Harris
EM Communications +44 (0) 20 3709 5711
Stuart Leasor, Jeroen van de Crommenacker