The American Energy Group, Ltd. Announces Pakistan Injunction Actions Against Hycarbex and Others
29 August 2014 - 1:01AM
Business Wire
The American Energy Group, Ltd. (AEGG) announced today that it
has initiated separate legal actions in Pakistan for an injunction
against Sui Southern Gas Company Limited (“Sui Southern”) and
Hycarbex-American Energy, Inc. (“Hycarbex”), respectively, in
furtherance of the prior interim orders of the Arbitration Tribunal
of the International Chamber of Commerce. The final hearing in the
arbitration proceedings initiated by the Company in 2012 occurred
in June, 2014, and the Company is currently awaiting the
announcement of the final award of the Arbitration Tribunal. In the
arbitration proceedings, the Company is seeking to void the
original 2003 Stock Purchase Agreement with Hydro Tur, Ltd. (“Hydro
Tur”) under which the Company sold its Hycarbex subsidiary which
holds the Yasin block concession in Pakistan. If the requested
relief is granted to the Company by the Arbitration Tribunal, the
Company will recover 100% ownership of Hycarbex. In that 2003 sale,
the Company reserved an 18% gross production interest from the
Yasin block concession. The Company’s alternative claim for relief
in the arbitration proceeding is the recovery of all unpaid
production revenues and the registration with the Pakistan
government of a non-costbearing working interest in the Yasin
block.
The new action filed in the Sindh, Karachi High Court names as
defendants Sui Southern, Hycarbex, its parent company, Hycarbex
Asia Pte. Ltd. (“Hycarbex Asia”) and two additional pro forma
defendants and requests an injunction against Sui Southern against
payment to Hycarbex of 18% of the total proceeds of gas sales. The
requested injunction has been granted by the Karachi Court to the
Company. The new action filed in the Islamabad High Court names
Hycarbex, Hycarbex Asia and Hydro Tur as defendants and seeks
injunctive relief against Hycarbex from interference with the
Arbitration Tribunal-ordered notifications to Sui Southern to pay
the Company directly its 18% of production, seeks injunctive relief
against Hycarbex from acceptance by Hycarbex of any production
proceeds which may be paid by Sui Southern, and seeks a deposit
into the Court from Hycarbex of the sum of $1,436,137.81, which
Hycarbex was ordered to pay by prior Interim Order of the
Arbitration Tribunal dated September 25, 2013 as the estimated sum
due through December, 2012. The Arbitration Tribunal likewise
ordered in that prior Interim Order that Hycarbex direct Sui
Southern to pay to the Company directly 18% of production occurring
after December, 2012. The decision on the Islamabad High Court
application is expected within the coming weeks.
The Company also announced today that it has sold 900,000 Common
Shares to two investors for a cash consideration of $0.20 per share
or a total consideration of $180,000 to the Company. The proceeds
of the sale will be used for general and administrative operating
capital and the legal expenses for the Company’s pending
arbitration action.
This news release contains forward-looking statements, including
estimated time lines for future events. Forward-looking statements
include statements concerning plans, objectives, goals, strategies,
future events, or performance and underlying assumptions and other
statements, including potential production rates and potential
reserves, which estimates are unproven and not based upon actual
production data or historical facts. Forward-looking statements are
subject to uncertainties and risks including, but not limited to,
economic conditions, drilling risks and actual operating conditions
and results, deviation in costs of critical equipment and services,
deviation in production decline rates, the impact of competition
and commodity pricing, and domestic and foreign governmental
regulation and approvals.
All forward-looking statements in this disclosure, whether made
by, or on behalf of the Company or by or on behalf of the project
operator, are expressly qualified by the above cautionary
statements and any other cautionary statements which accompany the
forward-looking statements. In addition, the Company disclaims any
obligation to update forward-looking statements to reflect events
or circumstances after the date hereof.
For further information contact Pierce Onthank, President and
CEO at (203) 222-7315 or mail@aegg.net.
The American Energy Group, Ltd.Pierce Onthank,
203-222-7315President and CEOmail@aegg.net
American Energy (CE) (USOTC:AEGG)
Historical Stock Chart
From Apr 2024 to May 2024
American Energy (CE) (USOTC:AEGG)
Historical Stock Chart
From May 2023 to May 2024