Following the disclosure made by Dana Gas PJSC on 29 November 2015 with regard to the international arbitration case it filed in October 2013, along with Crescent Petroleum and Pearl Petroleum Company Limited (together the ‘Consortium’), before the London Court of International Arbitration (‘LCIA’) in relation to their long-term contract with the Kurdistan Regional Government of Iraq (‘KRG’), the Abu Dhabi Stock Exchange (“ADX”) instructed the Company to further clarify to the market the total value of the claims and rulings made in the said arbitration.
In response to the ADX instruction, Dana Gas PJSC wishes to clarify that the Arbitral Tribunal issued on 27 November 2015 a Second Partial Final Award (‘Second Award’) ordering the KRG pay to the Consortium within 28 days the sum of US$ 1,981,951,322 (approx. US $1.98 Billion) for outstanding unpaid invoices for the produced condensate and LPG up to 30th June 2015, as per the pricing methodology already determined previously by the Tribunal.
The Second Award is binding and internationally enforceable, and does not depend upon the further hearings of claims and counter-claims by the parties to the arbitration. The Company wishes to clarify to the market that the Consortium’s remaining claims are estimated at over $11 (Eleven) Billion principally for wrongful interference with the Consortium’s long term rights over the Khor Mor and Chemchemal fields (as affirmed by the First Award). These claims will be heard and determined, together with the KRG’s counter-claim for “more than US$ 3 Billion”, in the arbitration hearing planned to be held next year.
Dana Gas has to date not received any sums under the English High Court Judgment of 20 November 2015 or the Second Award made by the Tribunal on 27 November 2015.
(Source - Dana Gas)