DNO INTERNATIONAL ASA - STATUS ARBITRATION PROCEEDINGS
(Thomson Reuters ONE) - As previously reported DNO Iraq AS (DNOI), a subsidiary of DNO International ASA(DNO) is involved in arbitration proceedings related to certain third partyinterests in Kurdistan. Such third parties were not approved to be part of norhave any rights in the Production Sharing Contracts (PSC) signed by DNOIfollowing the reviews which were completed in March 2008.DNOI has rejected the basis for any claims from such third parties, but thefirst part of the arbitration ruled that the third parties have the right toseek compensation for damages from DNOI.The arbitration process has now reached a point whereby both parties have filedtheir submissions regarding damages based on work undertaken be their respectivethird party experts. The claimants' submission for damages is approximately USD144 million. DNOI has responded that the damages should be at a level ofapproximately USD 12 million.The arbitration proceedings will now continue with the hearing scheduled forlast week of February and a final award with respect to compensation for damagesis expected during April or May.The ongoing arbitration proceedings are confidential as is any award, subject ofcourse to any legal obligation on DNO to disclose or report the final award Tomeet legal disclosure requirements, DNO has concluded that the parties'submission for damages should be reported through this notification. DNO ishowever not able to provide any further comments related to the arbitration atthis point in time.DNO International ASA25 January, 2010This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)[HUG#1376777]
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Datum: 25.01.2010 - 13:13 Uhr
Sprache: Deutsch
News-ID 11443
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