Frontera Resources Corporation Collection on Arbitration Award (7492W)
17 November 2017 - 6:00PM
UK Regulatory
TIDMFRR
RNS Number : 7492W
Frontera Resources Corporation
17 November 2017
17 November 2017
Frontera Resources Corporation
("Frontera" or the "Company")
Collection on Arbitration Award
Frontera Resources Corporation (AIM: FRR), the European focused
independent oil and gas exploration and production company, is
pleased to announce that it has completed enforcement proceedings
with respect to the Arbitration Award (as defined below) and will
receive $2,026,126.32 which is the total amount due.
As previously announced, on 9 January 2008 the Company served a
notice of arbitration and claim on ARAR, Inc., for breach of
contract and infliction of damages. The arbitration resulted, on 16
April 2010, in the final, binding arbitration award in favour of
Frontera and against the defendants ARAR Inc, ARAR Petrol ve Gas
Arama Uretim Paz A.S., and Mr. Fatih Alpay (collectively,
"Defendants"), in the amount of $1.43 million ("Arbitration
Award"). Following a series of subsequent court hearings in the
United States' courts, on 16 July 2012 the U.S. Court of Appeals
for the Fifth Circuit confirmed the Final Award granting Frontera
total amount of $1,552,707, which included the Arbitration Award
and Frontera's attorney's fees and expenses.
In order to enforce the Arbitration Award against Defendants'
assets located in Turkey, in July 2010 Frontera filed an
enforcement action in the 4th Commercial Court in Ankara, Turkey.
Following extensive enforcement proceedings in courts in Turkey, on
20 December 2015 the 4th Commercial Court in Ankara, Turkey,
adopted a decision granting Frontera's enforcement of the
Arbitration Award. On 17 January 2017, the Appeals Court in Ankara,
Turkey, affirmed decision of the 4th Commercial Court thereby
making it final and not subject to further appeal. Following this,
the enforcement was referred to the execution authorities in
Turkey. As a result of the execution proceedings, Frontera will now
collect, in installments, the full amount of the Arbitration Award
plus statutorily prescribed interest, in the amount of
$2,026,126.32.
Frontera has received the first installment and the full amount
is expected to be received by the end of Q1 2018.
Enquiries:
(713) 585-
Frontera Resources 3216
Zaza Mamulaishvili
info@fronteraresources.com
Cairn Financial Advisers +44 (0) 20
LLP 7213 0880
Jo Turner / Liam Murray
+44 (0) 20
WH Ireland Limited 3411 1880
James Joyce / Alex Bond
+44 (0) 203
Yellow Jersey 735 8825
Tim Thompson
Harriet Jackson
Henry Wilkinson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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