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Alvopetro Announces Results of Emergency Arbitration
Alvopetro Announces Results of Emergency Arbitration Canada NewsWire CALGAR...
About this update from Alvopetro Energy Ltd.
[{"type":"text","content":"\n \n \n \n Alvopetro Announces Results of Emergency Arbitration\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n May 13, 2024\n \n \n /CNW/ - Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) (\"Alvopetro\") announces that the emergency arbitrator has found in favour of Alvopetro's request to give effectiveness to the decision of the independent expert (the \"Expert\") appointed by Alvopetro and our third-party partner (the \"Partner\") in connection with the redetermination of working interests in the unitized area (the \"Unit\").\n \n \n \n Background\n \n \n \n As announced by Alvopetro on\n \n April 5, 2024\n \n , the Expert found in favour of Alvopetro's proposal, thereby increasing Alvopetro's working interest in the Unit from 49.1% to 56.2%. On\n \n April 11, 2024\n \n , Alvopetro received a notice of dispute from the Partner with respect to the Expert decision seeking to stay the redetermination result. Alvopetro then filed an emergency arbitration request before the International Chamber of Commerce (\"ICC\") seeking an injunction to make the Expert decision effective starting on\n \n June 1, 2024\n \n until such time as the matter could be decided by an arbitral tribunal pursuant to the Rules of Arbitration of the ICC. Alvopetro also requested compensation for damages as a result of our Partner's unwillingness to give effect to the Expert decision and reimbursement for costs incurred with respect to the proceeding.\n \n \n \n Emergency Arbitrator Decision\n \n \n \n On\n \n May 10, 2024\n \n , Alvopetro received the final order (the \"Order\") of the emergency arbitrator. Pursuant to the Order, the arbitrator found in favour of Alvopetro with respect to the binding nature of the decision of the Expert, ordering our Partner to refrain from any conduct preventing the binding effectiveness of the Expert decision and to perform all acts necessary to recognize and implement the decision. The Order is a provisional and contingent measure and remains valid until reviewed by an arbitral tribun...