Concerning recent press statements in Peru announcing that Perupetro will claim IOX for financial damages, IOX and its legal advisors are of the opinion that there is no legal or financial basis for such a claim in light of the Award rendered in the ICC arbitration. If Perupetro initiates legal action this will not affect the validity of the current 12 month license in Peru.
The ICC tribunal in the final award did not award damages to Perupetro, even though it lifted the provisional measure/injunction order. IOX is therefore of the opinion that Perupetro no longer has a legal venue to pursue a claim against IOX. However, should Perupetro overcome this procedural obstacle it would have to prove that it has suffered a financial loss and that IOX acted negligently or with intent when it was granted the right to continue operating blocks III and IV in accordance with the injunction granted by the courts of Talara in June 2012, subsequently confirmed by the ICC tribunal.
IOX and its legal advisors believe that Perupetro has suffered no financial loss and that IOX did not act negligently or with intent. In this regard, IOX points to the fact that the ICC tribunal stated in the final award that IOX had valid grounds to initiate the arbitration and had acted in good faith throughout the proceedings.
Should Perupetro claim damages against IOX, IOX will vigorously defend its rights.
Further details will be included in our annual report to be issued on 30 April 2014.
For more information please contact:
Erik Sandøy Thomas J. Fjell
Mob: +47 488 94 426 Mob: +47 958 15 300
Interoil Exploration and 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 235 people and is headquartered in Oslo.