Rheochem previously reported in the June 30, 2009 accounts a claim made by Senergy against Zeus.
Rheochem has now been notified that Synergy has commenced proceedings in the High Court in London with respect to these claims. The claims relate to an alleged breach of a Letter of Commitment (LOC) dated May 2008 with respect to an alleged drilling commitment.
The claim is for $11.71m and GBP542,199 plus costs and interest and also includes a rectification argument claiming an alleged error in the LOC. The management of Zeus intend to vigorously defend the claim.
Haydn Gardner, CEO of Rheochem, said: “We are delighted to have completed this acquisition which allows us to move forward with the company’s North Sea assets and in particular the Athena development.
“We believe that Senergy has been opportunistic in the timing of its claim. We look forward to resolving this issue through the courts.”
