26 Oct 2022 07:00
26 October 2022
Victoria Oil & Gas Plc
("VOG" or the "Company")
Update on Settlement of The ICC Award to RSM
Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor, provides an update on settlement discussions between RSM Production Corporation ("RSM") and VOG's wholly owned subsidiary Gaz du Cameroun S.A. ("GDC").
RSM Files Motion to Partially Vacate and Partially Confirm Arbitration Award
RSM filed the above motion in a Federal Court in Houston on 20 October 2022 in an attempt to contest and overturn the part of the Addendum to the Partial Final Award of the Tribunal (announced on 25 July 2022) (the "Addendum") that reduced the original award by US$4 million. The three-month deadline by which RSM were allowed to contest the Addendum in the US Courts (or lose that right) was due to expire and so RSM filed this motion as a contingency against non-settlement with GDC. In communicating this to GDC, RSM confirmed that it may be withdrawn upon settlement.
The motion seeks to contest and overturn the Addendum based on Section 10 of The Federal Arbitration Act (USA) on grounds that the arbitrators exceeded their powers in reducing the amount of the original award for a computational or other similar error.
Progress on Settlement
This above motion has been filed despite material progress in settlement discussions. GDC and RSM remain in the process of finalising a term sheet for settlement of the ICC award (the "Term Sheet"). Although there can be no guarantee of concluding an agreement, VOG expects to advance the Term Sheet this week and will make a further announcement in due course.
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