Ramba Energy, Verona dispute continues
Wednesday, September 26 2012 - 12:58 AM WIB
Singapore-listed oil, gas firm Ramba Energy Limited announced that its wholly-owned subsidiary, Ramba Energy West Jambi Limited (REWJ), has been served a Writ of Summons by former partner Verona Capital Pty Ltd on September 7, 2012 .
In the Writ, Verona has claimed for the return of all the payments made by Perth-based private capital group under the Investment Agreement dated July 25, 2011 which amounted to US$1,000,000 together with damages in the amount of US$498,598.
The agreement is in connection with cooperation by the two firms on the exploration and production activities by REWJ in the West Jambi Block under the KSO.
REWJ terminated the agreement with Verona with effect from November 4, 2011 for breaching its obligation.
REWJ believes there is no basis to the claim and intends to defend its position vigorously and has referred the claim to its solicitors RHTLaw Taylor Wessing LLP.
The Writ will not have any material impact on the Group?s performance for the financial year ending 31 December 2012 .
Editing by Dadan Wijaksana