Summary

...

Arbitration claims for damages under the Energy Charter

The Company has been working with legal experts for some months now developing an Investment Treaty Arbitration claim under the Energy Charter Treaty.

It was the strong desire of the Board to avoid such litigation and obtain the permits necessary to develop the field which it was legally entitled to. As it has now become apparent that the possibility of achieving these goals has significantly diminished, the Company will move ahead with filing this claim.

Funding legal action

The level of the claim for damages will mean any legal action will be costly. Over the past months, the board has developed relationships with specialist litigation funding partners. We will now seek to conclude an arrangement to finance legal claims in the least dilutive manner possible.

...