Dana Gas plummets, continues legal claims against Kurdish government

15/12/2014 19:40 AST

Dana Gas, the regional energy firm listed on the Abu Dhabi market ADX, saw its shares losing 2.04 per cent to hit AED0.48, the lowest level since April this year.

Earlier in the day, the Sharjah-based company said in a filing to the market, regarding the case it filed October 2013, along with Crescent Petroleum and Pearl Petroleum Company Limited before the before the London Court of International Arbitration (LCIA) Tribunal against the government of the autonomous Kurdistan region, the KRG. Dana said the court recently ordered the KRG to pay the consortium $100 million within a timeframe of 30 days by way of a second interim order.

“In default of its legal obligations, the KRG failed to make payment by the stipulated deadline of November 17, 2014, and the Tribunal’s order became peremptory in nature, enabling its enforcement by the English Court,” Dana Gas stated. “With the Tribunal’s permission, on December 12, 2014, an application to the English Court has been made for enforcement of the order, with the prospect of sanctions being imposed on the KRG for non-compliance.

“Dana Gas and its consortium partners reiterate their continued commitment to the contract, the Kurdistan region and all of Iraq, and sincerely hope that all outstanding contractual matters with the KRG be resolved, amicably and in good faith in the shortest possible time, within the contractual framework.”


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