THIS DISCLOSURE IS MADE PURSUANT TO ARTICLE 33 OF THE REGULATIONS OF THE ABU DHABI STOCK EXCHANGE AS TO DISCLOSURE AND TRANSPARENCY
14 February 2017
Dana Gas PJSC today updates the market with regard to the international arbitration case it filed in October 2013, along with Crescent Petroleum and Pearl Petroleum Company Limited ('Pearl') (together the 'Claimants'), before the London Court of International Arbitration ('LCIA') in relation to their long-term contract with the Kurdistan Regional Government of Iraq ('KRG').
On 13 February 2017 the Claimants received the Third Partial Final Award dated 30 January 2017 ('Third Award') from the LCIA. This follows the First Award of 2 July 2015 confirming the Claimants' long-term contractual rights, and the Second Award of 29 November 2015 awarding the Claimants US$1.96 billion for outstanding unpaid invoices for the produced condensate and LPG.
The Third Award relates to the hearing that took place between 5–16 September, 2016, which addressed the balance of the Claimants claims against the KRG, along with the counterclaims alleged by the KRG against the Claimants.
The main findings of the Tribunal in the Third Award are set out below:
Dana Gas and its consortium partners have invested over US$1.2 billion so far and produced over 150 million barrels equivalent of gas and petroleum liquids, which has had a transformative positive effect on the local economy in the Kurdistan Region and in particular in providing gas to fuel affordable electricity supply. The companies sincerely hope that contractual commitments, as confirmed beyond any doubt by the Tribunal's findings and clear Award, will now be adhered to so that these world class hydrocarbon resources can be further properly developed for the benefit of the people of the Kurdistan Region and all of Iraq.
Prior disclosures related to the arbitration and these prior awards can be found on the ADX website:
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