African Petroleum seeks arbitration as Senegal talks break down

Update: Arbitration -- Different Company / Circumstances / Same Country

AFRICATECH

JUNE 25,2018 / 3:09 AM / A YEAR AGO

African Petroleum seeks arbitration asSenegal talks break down

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OSLO, June 25 (Reuters) - African Petroleum isrequesting legal arbitration in a dispute over oil and gas exploration licencesin Senegal after negotiations with authorities broke down, the Oslo-listedcompany said on Monday.

Senegal late last year declined to extendAfrican Petroleum’s rights to the licences, making it the second country tobreak with the firm after neighbouring Gambia declined a similar extensionrequest.

The company will take its case in Senegal toarbitration at the International Centre for the Settlement of Investment Disputes(ICSID), where a separate Gambian case is already being pursued, it said.

African Petroleum said it remains open todialogue with the authorities of both countries, and vowed to protect itsinterests.

“We believe in the significant potential ofour licences and are determined to find a way forward with all stakeholders tosecure value for our shareholders,” Chief Executive Jens Pace said of thepending Senegal arbitration.

African Petroleum shares have fallen almost 90percent from their 2017 peak. (Reporting by Terje Solsvik; editing by JasonNeely)