Lion Wants $10 Million from Afren Unit

Tuesday, February 10, 2015

Taipan Resources is looking for $10 million from EAX, a subsidiary of Afren. EAX is partnered with Taipan’s subsidiary in Kenya, Lion Petroleum on Block 1. Lion filed an arbitration case against EAX for breaching certain conditions of a joint operating agreement for the Kenyan block, including contract award procedures and accounting procedures.

“Afren believes that the claim has no grounds and the company will defend its position,” an Afren spokesman said.

Taipan Resources owns 20% of the Block 1 oil field license in Kenya, while Afren holds the rest.

The lawsuit was filed on February 9.

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