A recent shareholder update from Victoria Oil & Gas PLC brought new details about the claim, which included steps taken after a small COVID outbreak, and a vetting process for the West Medvezhye license.
An LFJ Conversation with Michael Kelley, Partner, Parker Poe
A recent shareholder update from Victoria Oil & Gas PLC brought new details about the claim, which included steps taken after a small COVID outbreak, and a vetting process for the West Medvezhye license.
Victoria Oil & Gas PLC also offered updates on its decade-long legal skirmish with the Republic of Kazakhstan. The dispute itself stems from alleged actions and omitted facts that were withheld by the Kazakhstan government. Ultimately, this led to the loss of the investment in an Atyrau Oblast oil field—Kemerkol Field.
Near the end of last year, VOG informed the Kazakhstan government of its intention to move forward with a legal claim. This, after good-faith attempts were made by VOG to reach what they term a fair and amicable settlement. VOG now intends to pursue investment arbitration under the terms of the Energy Charter Treaty.
Noted third-party funder Therium is fully funding VOG in this action. That could make for a sizable payday, given that VOG is seeking damages for monies invested, assets seized on-site, as well as the revenue VOG expected from the project.
