25 Jul 2022 07:30
25 July 2022
Victoria Oil & Gas Plc
("VOG" or the "Company")
Addendum to ICC Partial Final Award
VOG, whose wholly owned subsidiary in Cameroon, Gaz du Cameroun S.A. ("GDC"), is the onshore gas producer and distributor with operations located in the port city of Douala, announces that the Arbitral Tribunal of the International Chamber of Commerce ("ICC") ("Tribunal") has issued an Addendum to its Partial Final Award in relation to the case number 23991/MK.
Following a detailed review of the Partial Award, GDC had requested that the Tribunal correct a computational error in the calculation of monies due as a result of the Tribunal's decision to move the Payout date from 1 June 2016 to 1 February 2016 (see announcement of 4 April 2022). The Tribunal agreed with GDC's calculations and has now corrected the Partial Final Award by way of an Addendum in favour of GDC, meaning that the earlier Payout date entitles RSM to a payment of US$6.6 million plus interest, rather than the US$10.6 million plus interest as was initially announced prior to the correction of the error.
RSM also made claims and counterclaims, some of which were successful such that the total amount of the award is now approximately $8.1 million, plus interest. Commensurate with the reduction in the award, interest will also be reduced (although it is accruing until a settlement is agreed). To conclude the arbitration, the parties and the Tribunal will next address what costs and fees, if any, should be awarded to either side. While the amended Award requires GDC to pay RSM some additional monies, the Tribunal decided the majority of claims and counterclaims from the arbitral proceedings in GDC's favour.
As previously disclosed, settlement discussions with RSM continue with a view to achieving resolution of these matters and a commercially realistic settlement in a timely manner.
Further announcements will be made as required.
The information contained within this announcement is deemed to constitute inside information pursuant to the EU (Withdrawal) Act and amended pursuant to Market Abuse (Amended) (EU Exit) Regulations 2019. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information, please visit www.victoriaoilandgas.com or contact:
Victoria Oil & Gas Plc
Roy Kelly/Rob Collins Tel: +44 (0) 20 7921 8820
Strand Hanson Limited (NOMAD)
Rory Murphy/James Dance Tel: +44 (0) 20 7409 3494