CADOGAN PETROLEUM PLC ("CADOGAN")
HIGH COURT JUDGMENT IN FAVOUR OF CADOGAN
The Board of Cadogan is pleased to announce that the Company has received
judgment in its litigation against Global Process Systems LLC ("GPS").
Mr Justice Eder of the High Court in London has today awarded judgment in
favour of the Company in the sum of just over US$21,000,000 inclusive of
interest (the "Judgment Debt"), to be paid by Monday 4 March 2013. In the event
of late payment of the Judgment Debt, interest will accrue at a rate of 8% per
annum equivalent to approximately US$4,600 per day.
GPS' counterclaim for the sum of approximately US$7,500,000 million was
dismissed.
At the request of the Company, a decision by the Court on further damages
estimated at approximately up to US$10,500,000 has been adjourned pending sale
of the plants. In the meantime the Company continues to retain legal title to
the plants and will allow GPS to continue marketing these on a non-exclusive
basis.
GPS has also been ordered to pay the Company's legal costs relating to the
Judgment Debt and 50% of the costs of trial. All other costs issues are
reserved to the resumption of the adjourned hearing for the balance of damages.
Mr Justice Eder turned down the application of GPS for permission to appeal his
judgment. GPS could renew its application for permission to appeal with the
Court of Appeal.
Bertrand des Pallieres, Chief Executive Officer of Cadogan, commented:
"We are delighted with this judgment in our favour, reflecting what the Company
had asked for. This issue has soaked up a substantial amount of management time
since it began but the positive outcome makes it worthwhile. We expect this
will allow us to put significant additional resources to work in our core
business."
ENDS
Enquiries:
Cadogan Petroleum Plc +44 (0) 207 397 8888
Laurence Sudwarts
General Counsel / Company
Secretary
Bankside +44 (0) 207 397 8888
Simon Rothschild
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