Serinus Energy has filed a Request for Arbitration with the Secretariat of the International Court of Arbitration of the International Chamber of Commerce (“ICC”). The request for arbitration concerns the Company’s former joint venture partner on the Satu Mare Concession in Romania, Oilfield Exploration Business Solutions S.A. (“OEBS). The Company seeks to have an arbitral tribunal issue a declaration affirming the Company’s rightful claim of ownership of OEBS’ 40% participating interest in the Concession (“40% Interest”). The Company also seeks an order compelling OEBS to take all necessary steps to formally transfer the 40% Interest to Serinus due to OEBS’ failure to carry out its contractual obligations under the Joint Operating Agreement (“JOA”). 

Map source: Serinus Energy

To date, OEBS has failed to carry out its contractual obligation to formally transfer the 40% Interest to Serinus. NAMR has not registered the 40% Interest in the name of Serinus Energy Romania S.A. on the basis that the request to approve the transfer was not signed by OEBS. This has necessitated the filing of the Request for Arbitration to resolve this matter and to force OEBS to carry out its contractual obligations as stated in the JOA. 

KeyFacts Energy: Serinus Energy Romania country profile