WESTPORT, Conn. -- (Business Wire)
The American Energy Group, Ltd. (AEGG) announced today that it has
initiated separate legal actions in Pakistan for an injunction against
Sui Southern Gas Company Limited (“Sui Southern”) and Hycarbex-American
Energy, Inc. (“Hycarbex”), respectively, in furtherance of the prior
interim orders of the Arbitration Tribunal of the International Chamber
of Commerce. The final hearing in the arbitration proceedings initiated
by the Company in 2012 occurred in June, 2014, and the Company is
currently awaiting the announcement of the final award of the
Arbitration Tribunal. In the arbitration proceedings, the Company is
seeking to void the original 2003 Stock Purchase Agreement with Hydro
Tur, Ltd. (“Hydro Tur”) under which the Company sold its Hycarbex
subsidiary which holds the Yasin block concession in Pakistan. If the
requested relief is granted to the Company by the Arbitration Tribunal,
the Company will recover 100% ownership of Hycarbex. In that 2003 sale,
the Company reserved an 18% gross production interest from the Yasin
block concession. The Company’s alternative claim for relief in the
arbitration proceeding is the recovery of all unpaid production revenues
and the registration with the Pakistan government of a non-costbearing
working interest in the Yasin block.
The new action filed in the Sindh, Karachi High Court names as
defendants Sui Southern, Hycarbex, its parent company, Hycarbex Asia
Pte. Ltd. (“Hycarbex Asia”) and two additional pro forma defendants
and requests an injunction against Sui Southern against payment to
Hycarbex of 18% of the total proceeds of gas sales. The requested
injunction has been granted by the Karachi Court to the Company. The new
action filed in the Islamabad High Court names Hycarbex, Hycarbex Asia
and Hydro Tur as defendants and seeks injunctive relief against Hycarbex
from interference with the Arbitration Tribunal-ordered notifications to
Sui Southern to pay the Company directly its 18% of production, seeks
injunctive relief against Hycarbex from acceptance by Hycarbex of any
production proceeds which may be paid by Sui Southern, and seeks a
deposit into the Court from Hycarbex of the sum of $1,436,137.81, which
Hycarbex was ordered to pay by prior Interim Order of the Arbitration
Tribunal dated September 25, 2013 as the estimated sum due through
December, 2012. The Arbitration Tribunal likewise ordered in that prior
Interim Order that Hycarbex direct Sui Southern to pay to the Company
directly 18% of production occurring after December, 2012. The decision
on the Islamabad High Court application is expected within the coming
weeks.
The Company also announced today that it has sold 900,000 Common Shares
to two investors for a cash consideration of $0.20 per share or a total
consideration of $180,000 to the Company. The proceeds of the sale will
be used for general and administrative operating capital and the legal
expenses for the Company’s pending arbitration action.
This news release contains forward-looking statements, including
estimated time lines for future events. Forward-looking statements
include statements concerning plans, objectives, goals, strategies,
future events, or performance and underlying assumptions and other
statements, including potential production rates and potential reserves,
which estimates are unproven and not based upon actual production data
or historical facts. Forward-looking statements are subject to
uncertainties and risks including, but not limited to, economic
conditions, drilling risks and actual operating conditions and results,
deviation in costs of critical equipment and services, deviation in
production decline rates, the impact of competition and commodity
pricing, and domestic and foreign governmental regulation and approvals.
All forward-looking statements in this disclosure, whether made by, or
on behalf of the Company or by or on behalf of the project operator, are
expressly qualified by the above cautionary statements and any other
cautionary statements which accompany the forward-looking statements. In
addition, the Company disclaims any obligation to update forward-looking
statements to reflect events or circumstances after the date hereof.
For further information contact Pierce Onthank, President and CEO at
(203) 222-7315 or mail@aegg.net.
Contacts:
The American Energy Group, Ltd.
Pierce Onthank, 203-222-7315
President
and CEO
mail@aegg.net
Source: The American Energy Group, Ltd.
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