Kurs
-1,37%
Kurs
-1,37%
Kalender
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| 2015-06-01 | - | X-dag ordinarie utdelning PNOR 0.00 NOK |
| 2015-05-29 | - | Årsstämma |
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| 2015-02-27 | - | Bokslutskommuniké 2014 |
Beskrivning
| Land | Storbritannien |
|---|---|
| Lista | OB Match |
| Sektor | Råvaror |
| Industri | Olja & gas |
2019-10-07 16:07:39
PetroNor E&P Limited ("PetroNor" or the "Company") provides the following
statement regarding previously disclosed disputes relating to the Company’s
asset in Congo. Reference is made to a lawsuit by Mr. Trond Kostveit against
certain shareholders in PetroNor and involving PetroNor's subsidiary Hemla
Africa Holding AS ("HAH"). The main proceedings will commence before the Oslo
District Court tomorrow, 8 October 2019.
This dispute is the same as disclosed in the Company’s Information Memorandum
dated 29 March 2019 in section 8.5, and repeated in the Exempted Document dated
30 August 2019 in section 6.8. The first paragraph of section 6.8 of the
Exempted Document reads:
HAH has received a writ of summons to Oslo District Court from a minority
shareholder in HEPCO concerning ownership in HEPCO. The minority shareholder
argues that he is entitled to a larger ownership position in HEPCO, including
past dividends taking such ownership position into account, based on an alleged
oral agreement with Mr. Ludvigsen, Mr. Søvold and Petromal. The writ of summons
is also directed against Mr. Ludvigsen and Mr. Søvold directly. The claim is
contested by all three defendants. To the extent the claim should be adversely
determined against HAH, NOR, has agreed to provide an indemnification, on
certain conditions and subject to certain limitations, for any reduction in
value of the indirect ownership in HEPCO resulting from such adverse outcome.
The main proceedings are scheduled for October 2019.
As set out above, the claim put forth by Mr. Kostveit is contested. Furthermore,
even if adversely determined, PetroNor's largest shareholder Nor Energy AS has
agreed to provide an indemnification, on certain conditions and subject to
certain limitations, for any reduction in value of the indirect ownership in
HEPCO. On that basis, the Board of PetroNor does not in any event consider that
the proceedings involving Mr. Kostveit will have an adverse impact on PetroNor.
This announcement is subject to disclosure pursuant to section 5-12 of the
Norwegian Securities Trading Act.
******
For further information related to the above, please contact:
Jens Pace, Chief Executive Officer
Stephen West, Chief Financial Officer
Tel: +44 20 3655 7810
Media Contacts:
Buchanan
Ben Romney/Chris Judd
Tel: +44 207 466 5000