30 Oct 2017 07:00
30 October 2017
JKX Oil & Gas plc
("JKX", the "Company"
High Court Claim by Ukraine dismissed
On Friday 27 October 2017 Sara Cockerill QC, sitting as a Judge in the High Court of Justice of England and Wales, ordered that the application brought by Ukraine seeking to set aside the recent Uncitral arbitration award against Ukraine and in favour of JKX be dismissed. The Government of Ukraine is accordingly therefore still liable to pay to JKX the sum of USD11.8 million plus interest and costs of USD0.3 million in relation to subsidiary claims, as previously ordered.
The Judge also ordered that Ukraine should pay JKX's costs of £61,908.65 within 14 days.
Commenting of the Judgment, Victor Gladun, JKX's acting CEO, said, "We are pleased that the High Court recognised the merit of our case. We hope that we can now reach an amicable resolution of the other outstanding legal claims between JKX and Ukraine."
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
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Stuart Leasor, Jeroen van de Crommenacker