Serinus Takes Romanian Partner to Court
London-listed Serinus Energy has filed for international arbitration in Paris, seeking recognition of its claim to a 40% stake in the Satu Mare concession, held by local Oilfield Exploration Business Solutions (OEBS), it said on October 22. It said the business relationship had lapsed following OEBS' default on payments.
"The company also seeks an order compelling OEBS to take all necessary steps to formally transfer the 40% interest to Serinus due to OEBS' failure to carry out its contractual obligations under the joint operating agreement," Serinus said.
OEBS began defaulting on payments at the project in 2016, when it failed to meet a $978,445 cash call, Serinus said, and this obliged the company to hand over its interest under the joint operating agreement. Serinus has commercially assumed 100% of the concession, it said, but Romania's National Agency for Mineral Resources is yet to register the 40% under its name.
"This has necessitated the filing of the request for arbitration to resolve this matter and to force OEBS to carry out its contractual obligations as stated in the JOA," Serinus said.
The Satu Mare concession lies in the eastern Pannonian basin and contains the Moftinu gas field, discovered in 2014 and brought on stream in April last year. Serinus earlier this month secured a 12-month extension at the concession to give it more time to finish exploration work in light of coronavirus disruptions. It also committed to drilling two wells during the period.