Perenco Warns That Suspension of its Contracts With Ecuador is Imminent due to Ecuador’s Refusal to Comply With International Arbitration Tribunal OrdersLONDON - Perenco Ecuador Limited (”Perenco Ecuador”) and its consortium partner, Burlington Resources Oriente Ltd. (”Burlington”), today announced that suspension of their participation contracts with Ecuador is imminent unless the Government of Ecuador complies with orders of two international arbitration tribunals that prohibit the Government from seizing oil produced by the consortium. Perenco Calls on Ecuador Not to Sell Seized Oil and to Resume NegotiationsLONDON - Perenco Ecuador Limited (”Perenco Ecuador”) today called on the Government of Ecuador to cease efforts to sell oil seized from Blocks 7 and 21 in defiance of orders by international arbitration tribunals, and instead to seek a negotiated solution to the dispute concerning the applicability of Law 42 to Blocks 7 and 21. Perenco Will Protect Its Rights in Ecuadorian Oil Seized in Defiance of International Arbitration Tribunal OrdersLONDON - Perenco Ecuador Limited (”Perenco Ecuador”) today announced that it is prepared to take legal action against any company that purchases or transports crude oil the Ecuadorian Government has unlawfully seized. Arbitration Tribunal Order Favors Perenco in Ecuador DisputeLONDON - Perenco Ecuador Limited (”Perenco”) announced today that on May 8, 2009, a three member international arbitration tribunal constituted under the auspices of the International Centre for the Settlement of Investment disputes (”ICSID”) unanimously ordered that the Republic of Ecuador and Empresa Estatal Petroleos del Ecuador (”Petroecuador”) were restrained from instituting or further pursuing any action to collect from Perenco any payments they claim are owed pursuant to Law 42. |
