KEYFACT Energy
Tullow Oil has been ordered to pay around $76 million to fund manager HiTec Vision in relation to a dispute related to the acquisition of Norway-focused oil-and-gas company Spring Energy in 2013.
A panel of arbitrators, working under the jurisdiction of Norwegian law had been asked to adjudicate as to whether discoveries made in the PL-537 Licence (Offshore Norway) between 2013 and 2016 had triggered a further payment under the SPA between Tullow and HiTec regarding the purchase of Spring Energy in 2013. With the Award, the panel has decided by way of split decision that conditions for a further payment outlined in the SPA were met. The Tribunal has ruled that Tullow should pay c.$76 million within the next 14 days, to include interest and costs.
KeyFacts Energy Industry Directory: HitecVision