3Legs Drops Claim Against ConocoPhillips for JV in Poland

3Legs Resources said it will not proceed with its claim against ConocoPhillips regarding a joint venture vehicle with the Houston-headquartered oil and gas company. According to the London-based company, the value of the claim was $1.64 million net.

‘While 3Legs has been advised that its claim has good grounds, it does not consider that it can justify the significant expense involved in bringing arbitration proceedings, nor the associated risk of delaying a final distribution to shareholders’ reads the note released on Tuesday. 

The two companies worked together on a project in Poland.

3Legs Resources announced the decision during the Extraordinary Meeting, in which shareholders confirmed the return of capital plans. Return at 18.5 pence per Ordinary Share, equal to approximately £15.9 million in total. 

3Legs Resources will go on voluntary liquidation by March 31, 2015.

The company unveiled its intention to proceed with a closedown in September, on poor results in Poland.