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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.

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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.