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Interoil Exploration & Production ASA : ICC Arbitral Tribunal dismisses Perupetro's claim for alleged financial damages.

30 June 2014 - The International Chamber of Commerce (ICC) Arbitral Tribunal dismisses Perupetro's claim for alleged financial damages against IOX arising out of the force majeure injunction.

In reference to IOX press release dated 25 April 2014, Interoil received a notification on 27 June 2014 from the International Chamber of Commerce (ICC) Arbitral Tribunal, that the tribunal in a decision dated 24 June dismissed Perupetro's claim for financial damages against IOX arising out of the provisional measure/injunction ordered by the ICC Arbitral Tribunal.

  • "We are pleased with the arbitration ruling as it is in accordance with what Interoil have submitted to ICC", says Thomas J. Fjell, CEO of Interoil Exploration & Production ASA..

Following press statements in Peru announcing that Perupetro would claim against IOX for financial damages, IOX expressed the opinion that Perupetro no longer had a legal venue to pursue such claim and that IOX would vigorously defend its rights. 

  • "Interoil cannot see how Perupetro has suffered any financial losses, nor that IOX has acted negligently, and thus we find the dismissal of a claim from Perupetro for such, as proper." says Thomas Fjell.

In its Decision, the Tribunal acknowledged that it had jurisdiction during the pendency of the arbitration to decide on any damages allegedly caused by IOX as a result of the provisional measure/injunction.  However, the Tribunal noted that Perupetro had not submitted such claim for damages during the arbitration and hence its belated claim (submitted after the Award) must be dismissed.  The Tribunal also confirmed that the provisional measure ordered in IOX's favor during the pendency of the arbitration was "necessary" in the circumstances.

For more information please contact:

Erik Sandøy                                                           Thomas J. Fjell

CFO                                                                      CEO

Mob: +47 488 94 426                                               Mob: +47 958 15 300

E-mail: esandoy@interoil.no                                     E-mail: tfjell@interoil.no

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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.

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