IOX has today been informed by the ICC International Court of Arbitration in Paris ("ICA") that the deadline for publishing the final award by the arbitral tribunal has been extended to 31 March 2014. According to IOX's legal counsel such extensions are normal and do not provide any indication as to what the final ruling in the ICC arbitration case between Interoil Peru SA and PeruPetro will be.
IOX's legal counsel remains of the opinion that Interoil has a strong case and that it is more likely than not that IOX will be awarded an extension of its licenses in Blocks III and IV due to the force majeure incidents that occurred in 1998 and 2002.
The reason for the extension is that the ICA in Paris, in cases involving state-parties such as Perupetro, requires additional time to conduct its review of the award given by the arbitral tribunal seated in Peru before the award is communicated to the parties.
IOX expects that the ICA in Paris will be initiating its review of the award given by the arbitral tribunal seated in Peru after they receive it on the 31 January 2014. IOX also considers it likely that the review by the ICA in Paris will be completed and communicated to the parties before 31 March 2014.
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InterOil Exploration & Production ASA is a Norwegian based exploration and production company - listed on the Oslo Stock Exchange - with focus on Latin-America. The company is operator of several production and exploration assets in Peru, and Colombia. InterOil currently employs approximately 275 people and is headquartered in Oslo.This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.