Oilex seeks recovery of debt owed by Sumatera Persada
Saturday, November 1 2014 - 05:40 AM WIB
Australian oil firm Oilex Ltd said Friday that it was seeking legal advice to determine the appropriate course of action to ensure recovery of secured debt from debt-ridden PT Sumatera Persada Energi.
The company made the statement after the Commercial Court in Jakarta on 1 September 2014 granted an application for ?temporary suspension of payment obligation for 45 days.?
?During this time a series of meetings will be held with creditors to discuss a composition plan, managed by an administrator team appointed by the Court. Oilex is currently obtaining legal advice to determine the appropriate course of action to ensure recovery of secured debt,? the company said.
The International Court of Arbitration of the International Chamber of Commerce (ICC) in June 2010 ruled in favor of Oilex in its claim against PT Asiabumi Petroleo (Asiabumi) for the recovery of $4.8 million that is owed to Oilex.
PT Asiabumi Petroleo is the parent company of PT Sumatera Persada Energi (SPE), a party to the joint venture and the operator of the West Kampar Production Sharing Contract (PSC) in Central Sumatra.
Oilex commenced an Arbitration against Asiabumi, in Singapore in April 2009 following the failure of SPE in early 2009 to repay a debt owing to Oilex under a previous agreement between Oilex and SPE.
In December of 2013, Oilex said that it has received ?good faith? payment from SPE as part of the Oilex?s US$4.8 arbitration award for the West Kampar site. And in February of this year, Oilex announced another ?good faith? payment made by SPE.
Editing by Reiner Simanjuntak