Serinus wins arbitration case against ex-partner in Romania

15th Feb 2023 11:41

(Sharecast News) - Serinus Energy announced on Wednesday that the International Chamber of Commerce (ICC) had released the final merits award over Serinus Energy Romania's arbitration case against its former partner in the Satu Mare concession, Oilfield Exploration Business Solutions (OEBS), and awarded in favour of Serinus.

The AIM-traded firm said the decision confirmed that, as a result of OEBS' default under the joint operating agreement between the parties, OEBS' 40% participating interest in the Satu Mare concession in Romania would be transferred to Serinus as of the notification to the parties of the approval by the Romanian government and the National Agency of Fiscal Administration (ANAF).

It said the arbitral tribunal also directed OEBS to take all necessary actions to formally transfer the 40% participating interest to Serinus.

"OEBS is to be considered as withdrawn from the joint operating agreement and the concession agreement as of the notification to the parties of the approval of the competent authorities of such withdrawal," the board explained in its statement.

"Serinus is the true and lawful attorney of OEBS to execute such documents and make such filings and applications as may be necessary to make the transfer of OEBS' 40% participating interest to Serinus legally effective and to obtain any necessary consents from the Romanian government, the Romanian Agency for Mineral Resources (NAMR) and ANAF."

At 1555 GMT, shares in Serinus Energy were up 2.29% at 8.95p.

Reporting by Josh White for Sharecast.com.