Urals Energy: Wins Komineftegeofizika Litigation
Urals Energy PCL, the independent exploration and production company with operations in Russia, announces an update on its litigation with Komineftegeofizika (“KNGF”).
On 30 January 2015, the Company announced that it had won its case against the appeal made by KNGF in the matter of its outstanding loan to KNGF, equivalent to approximately US$500,000. On 10 March 2015 Urals Energy announced that KNGF had filed a second appeal with the cassation court and submitted a motion to stop enforcement of the debt.
The Company is pleased to announce that a cassation hearing took place today on KNGF’s second appeal at Commercial Court of Moscow District (the “Court”). The Court agreed with the decisions taken earlier by the court of first instance and the appeal court and refused to satisfy the KNGF’s second appeal. The Court also revoked the suspension of enforcement procedures by Urals Energy that were imposed until the Court’s decision had been issued.
Commenting Andrew Shrager, Chairman of the Company, said: “We are delighted that the Moscow Court has rejected KNGF’s second appeal and removed the suspension on the enforcement procedures. We will now consider the best way to enforce the Court’s decision”.
