Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksVOG.L Regulatory News (VOG)

  • There is currently no data for VOG

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UNCITRAL Arbitration Update

29 Sep 2021 07:00

RNS Number : 3011N
Victoria Oil & Gas PLC
29 September 2021
 

29 September 2021

Victoria Oil & Gas Plc

("VOG" or the "Company")

 

UNCITRAL Arbitration Update

 

Victoria Oil & Gas Plc, whose wholly owned subsidiary, Gaz du Cameroun S.A. ("GDC"), is the onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, is pleased to provide an update on the dispute with RSM Production Corporation ("RSM") and the arbitration proceedings under UNCITRAL rules (dating from February 2020), details of which have previously been disclosed, most recently in the Company's Annual Report Accounts to 31 December 2020. RSM is our joint interest owner in the Logbaba Project in Cameroon with a 38 percent working interest, alongside the Company and the National Hydrocarbons Corporation of Cameroon.

 

VOG and RSM have now reached a settlement agreement which has enabled the parties to dismiss the UNCITRAL hearing which was due to commence this week in London. The settlement involves the agreement of certain accounting policies and procedures, the clarification of certain decision-making processes, and an agreement on the amount of monies payable to RSM in line with their existing contractual arrangements from existing cash resources in country. This hearing and the inevitable follow-up would have likely cost the Company a substantial amount in legal costs alone, whilst the amounts under dispute were material.

 

ICC Arbitration

The settlement of the UNCITRAL arbitration is without prejudice to all claims pending in the ICC arbitration Case No. 23991/MK. The ICC arbitration hearing took place in April of this year, and the ICC has yet to issue its Award.

 

Roy Kelly, Chief Executive of the Company, commented:

"We are delighted to have settled this dispute and avoid yet another hearing, this time under UNCITRAL rules, and thus avoid the unnecessary expenditure of time, cost and human resources both during the hearing and the inevitable follow-up. This removes another legacy issue and overhang on the company and allows management to concentrate on more value-enhancing activities.

 

We are very grateful to RSM for engaging so constructively and decisively on this matter, demonstrating the benefit of direct dialogue."

 

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

 

Shore Capital Stockbrokers Limited (Broker)

Mark Percy / Toby Gibbs (corporate advisory) Tel: +44 (0) 207 408 4090

Jerry Keen (corporate broking)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCLVLLLFKLEBBD
Date   Source Headline
24th Jan 20147:00 amRNSRSM Settlement and US$16.3m Received
17th Jan 20147:00 amRNSLoan and Customs bond with BGFIBank
13th Jan 20147:00 amRNSRSM Default
10th Jan 20144:40 pmRNSSecond Price Monitoring Extn
10th Jan 20144:35 pmRNSPrice Monitoring Extension
8th Jan 20147:00 amRNSCommercial Developments, Gaz du Cameroun
19th Dec 20137:00 amRNSPresidential Visit Video
13th Dec 20138:45 amRNSRestoration of Trading on AIM
13th Dec 20138:45 amRNSRestoration - Victoria Oil & Gas Plc
13th Dec 20137:00 amRNSRSM vs VOG and RDL Arbitration
12th Dec 20134:16 pmRNSICC International Court of Arbitration Award
12th Dec 20133:52 pmRNSSuspension - Victoria Oil & Gas plc
2nd Dec 20139:36 amRNSUpdate re Arbitration
27th Nov 20132:35 pmRNSResult of AGM
19th Nov 20138:22 amRNSPresidential Visit & Gas Launch
8th Nov 20137:00 amRNSAdditional Customer Online
1st Nov 20137:16 amRNSUpdate re: RSM Arbitration
25th Oct 20137:00 amRNSFinal Results
10th Oct 20137:00 amRNSTrading and Operations Update
2nd Oct 201310:45 amRNSHolding(s) in Company
1st Oct 20133:10 pmRNSShare Price Movement
30th Sep 20137:00 amRNSDirectorate Change
27th Sep 20134:40 pmRNSSecond Price Monitoring Extn
27th Sep 20134:35 pmRNSPrice Monitoring Extension
21st Aug 20134:40 pmRNSSecond Price Monitoring Extn
21st Aug 20134:35 pmRNSPrice Monitoring Extension
18th Jul 20137:00 amRNSChief Executive Officer's Letter to Shareholders
3rd Apr 201311:38 amRNSHolding(s) in Company
6th Mar 20135:46 pmRNSHolding(s) in Company
6th Mar 20139:00 amRNSHolding(s) in Company
1st Mar 20132:00 pmRNSResult of General Meeting
28th Feb 20137:00 amRNSInterim Results
27th Feb 20137:00 amRNSAppointment of Renaissance Capital
26th Feb 20133:57 pmRNSStatement: re RSM Production Corporation
26th Feb 20137:00 amRNSAppointment of New Chief Executive Officer
13th Feb 20137:00 amRNSHolding(s) in Company
12th Feb 201310:59 amRNSHolding(s) in Company
12th Feb 201310:59 amRNSHolding(s) in Company
11th Feb 20133:52 pmRNSHolding(s) in Company
11th Feb 20132:00 pmRNSNotice of GM & Investor Presentation
6th Feb 20131:25 pmRNSResignation of broker
6th Feb 20137:00 amRNSIssue of Equity
30th Jan 20137:00 amRNSOperations Update & Societe Generale Commitment
21st Dec 20127:00 amRNSOperational Update and Additional Listing
18th Dec 20124:40 pmRNSSecond Price Monitoring Extn
18th Dec 20124:35 pmRNSPrice Monitoring Extension
30th Nov 20127:00 amRNSResult of AGM and Operational Update
14th Nov 20127:00 amRNSGas Market Study on Logbaba
6th Nov 20124:40 pmRNSSecond Price Monitoring Extn
6th Nov 20124:35 pmRNSPrice Monitoring Extension

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.