Panoro eyes Aje arbitration
Panoro Energy intends to launch arbitration proceedings against partners in the Aje field off Nigeria over a disputed cash demand.
The London-based player, which holds a 6.5% stake in the OML 113 block that hosts the producing oilfield, said in a statement its local subsidiary Pan Petroleum Aje had received a default notice from field operator Yinka Folawijo Petroleum over the contested cash call.
However, Panoro believes the cash call is “invalid” due to an incorrect application of the terms of a joint operating agreement and has received legal advice that it is “baseless”, dismissing the operator’s claim that it is
Panoro eyes Aje arbitration
Panoro Energy intends to launch arbitration proceedings against partners in the Aje field off Nigeria over a disputed cash demand.