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Rubicon claim against KrisEnergy ruled valid by High Court

A HIGH court has ruled in favour of Rubicon Vantage International in its claim under a guarantee from KrisEnergy, in respect of a sum of approximately US$1.8 million, KrisEnergy said on Thursday.

KrisEnergy made the guarantee to secure the performance of subsidiary KrisEnergy (Gulf of Thailand)'s obligations to Rubicon under a bareboat charterparty dated October 2014.

Rubicon sought and has now received a declaration from The High Court of Justice Business and Property Courts of England and Wales, that it made a compliant demand under the guarantee in respect of the money.

KrisEnergy said it intends to pursue all available options with respect to Rubicon.

In the same announcement, KrisEnergy said the same subsidiary has received a notice of arbitration from Northern Gulf Petroleum Pte Ltd.

The claim is related to the joint exploration and operation of a petroleum concession relating to the Gulf of Thailand exploration block G6/48. Northern Gulf is contesting KrisEnergy (Gulf of Thailand)'s taking of full control over the conduct of an exclusive operation in Block G6/48.

KrisEnergy said it is consulting legal advisers and takes the view that the claims are without merit for a variety of reasons. The company will "vigorously defend its right against Northern Gulf", it said.

Shares of KrisEnergy closed down 0.2 Singapore cent or 5.26 per cent to S$0.036 on Thursday before the announcement.

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