October 22 (SeeNews) - Oil and gas exploration company Serinus Energy said on Thursday that it has requested arbitration from the International Chamber of Commerce to affirm its claim of ownership of 40% interest in the Satu Mare concession, onshore Romania.
Serinus is requesting that its former joint-venture partner Oilfield Exploration Business Solutions (OEBS) transfers its 40% interest in the concession as a result of OEBS failure to carry out contractual obligations under the joint operating agreement.
In December 2016, Serinus served OEBS with a notice of default due to OEBS failure to make payment of $978,445 (825,827 euro) due on 29 November 2016, Serinus said in a statement.
According to Serinus, the joint operating agreement with OEBS explicitly states that the latter was obliged to transfer the 40% interest to Serinus once the default period had passed without the default being remedied.
To date, OEBS has failed to carry out its contractual obligation to formally transfer the 40% interest to Serinus, the statement reads.
Serinus is an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania.
Earlier this month, Serinus Energy announced that it was granted a 12-month extension to a work commitment for its Satu Mare concession in Romania due to coronavirus-related disruptions. With the licence extension granted by Romania's National Agency for Mineral Resources (NAMR), the third exploration phase of the Satu Mare concession will now expire on October 27, 2021.
($=0.844 euro)