Petroleum Africa
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Wednesday, August 21, 2013
Energy Venture Partners (EVP) was awarded $110.5 million by a UK high-court in its case against Nigerian firm Malabu Oil & Gas. The court also dismissed a counterclaim by Malabu on the grounds that the claim was a breach of agreement and “unmeritorious.”
EVP took Malabu Oil to court seeking payment of fees allegedly due it from Malabu Oil in relation to the sale of Malabu’s 100% ownership interest in Nigeria’s OPL 245. EVP had claimed that there was a written agreement between it and Malabu in January 2010, saying that Malabu agreed to pay $200 million in respect of its fees for services provided in connection with the sale of the OPL assets.
But Malabu has denied that it ever agreed to pay the alleged fees, insisting that EVP’s claim was a forgery and a sham. Malabu also contends that the transaction, or transactions by which Malabu ultimately disposed of assets in April 2011 did not entitle EVP to commission under the terms of the EVP exclusivity agreement.
The judge in the UK high-court contended that EVP’s claim was reasonable and ordered Malabu to pay $110.5 million to EVP based on a fee of 8.5% of the total disposal consideration of $1.3 billion as against the EVP’s claim of $200 million.
It was not all a win for EVP as the judge did dismiss EVP’s claim for the contractually agreed upon fee of $200 million.
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