Medco-IPR settles lawsuit on Bawean Block
PT Medco Energi International Tbk announced today the out of court settlement with Indo-Pacific Resources (IPR) and Fortune Oil & Gas Inc (IPR's parent) to drop the arbitration law suit. Under the agreement dated February 8, IPR and Fortune also agreed to transfer IPR's 30% working interest in Bawean PSC to Camar Resources Company (Medco) and upon approval from BPMigas, Medco would control 100% of the block. IPR & Fortune, according to Medco, had sent an apology letter to both Medco & BPMigas, and their regret of their misbehaviour (for filing the lawsuit). What's up IPR & Fortune? Where all the allegations of corruptions toward Medco & BPMigas? What kind of settlement? What price?
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posted by yosef at 5:50 PM
2 Comments:
Not sure about the apology. However, Medco has almost certainly paid money to solve this case and get the Canadians off their back. I wonder how much?
I don't agree with your statement that medco already spent lot of money on this case, it was bp migas who covered the entire expenditure through cost recovery =) No wonder medco woldn't mind putting down extra money on this case.
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