Brunei waters: KOV is claiming US$93.6 million in loss and damages from Tap Oil in relation to the latter company's exit from Block M in September last year

KOV disputes Tap’s Brunei exit

Australia-listed Tap Oil said it had received notice of a claim being made against it by a wholly-owned subsidiary of Poland’s Kulczyk Oil Ventures (KOV), in relation to Tap’s exit from Block M, onshore Brunei.

9 November 2012 5:38 GMT Updated 9 November 2012 5:38 GMT

By Danica Newnham

Tap left the block in September 2011 through the sale of its subsidiary Tap Energy (Borneo), now known as New Sino Oil Company (NSO), which operated Block M with a 39% interest.

KOV Borneo is claiming $93.6 million in loss and damages, alleging that NSO breached the terms of the block’s joint operating agreement and as a result, Block M was required to be relinquished.

However,

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KOV disputes Tap’s Brunei exit