Petroleum Africa
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Sunday, March 11, 2018
African Petroleum’s wholly owned subsidiaries, African Petroleum Gambia Ltd, and APCL Gambia BV have lodged requests for Arbitration (RFA) documents with the International Center for the Settlement of Investment Disputes (ICSID) in order to protect its interests in Gambia. The documents are specifically related to the company’s interests in Gambian blocks A1 and A4.
The parties to the arbitration proceedings and the ICSID are currently working towards the confirmation of appointment of the arbitrators to the tribunals for each arbitration case.
Due to legal confidentiality considerations, and commercial sensitivities associated with the arbitration process, the company intends to only provide material updates to shareholders when appropriate.
Africa Petroleum said that it remains open to engaging in constructive dialogue with the Gambian authorities with a view to establishing a satisfactory solution that is in the interests of all parties.
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