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Canadian Firm Welcomes Nigerian High Court Decision on Shell Oil Block

Screen Shot 2015-01-06 at 21.26.38From an article published by thisdaylive.com on 11 March 2015

Canadian Firm Welcomes Nigerian High Court Decision on Shell Oil Block

A Canadian firm and member of Crestar Consortium that won the bid for Shell’s Oil Mining Lease (OML) 25, James Bay Resources Limited, has welcomed the decision of a Federal High Court restraining the Nigerian National Petroleum Corporation (NNPC) from acquiring the 45 per cent interest of Shell, Total and Agip in the disputed oil block.

James Bay is a part-owner of Crestar Integrated Natural Resources Limited, which was the winning bidder in May 2014 for the Shell’s 45 per cent participating interest in OML 25, and had deposited 100 per cent of the purchase consideration into an escrow account with JP Morgan in London.

The company said in a statement that Crestar commenced the legal action after NNPC attempted to block the sale and acquire the interest for itself under a 30-day contractual right of first refusal that had expired months earlier.

According to the statement, Crestar commenced injunction proceedings to restrain the Shell JV from effecting a transfer to NNPC or anyone else, adding that the injunctions were granted on a preliminary basis.

“The Shell JV subsequently sought to discharge the injunctions, but the Federal High Court dismissed the Shell JV’s application on March 6, 2015, and reaffirmed the injunction pending a further hearing expected to occur on March 17.

FULL ARTICLE

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