Erinne - question on your AGM observations, page-2

fyi

Brief summary as per the Hunt Oil JOA (article 19) & PSC (article 32). These can b downloaded from the nations website.

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In the event of a dispute arising between the parties, the parties shall attempt to resolve it amicably out of court. If the Parties r unable to settle the dispute amicably in a period of 3 months, then such a dispute will b submitted to the International Center for Settlement of Investment Disputes for the purpose of its resolution by means of Arbitration.

The arbitration court shall b composed of 3 arbitrators.

Arbitration shall take place in Paris. Arbitration procedure shall b conducted in French & the applicable law shall b the law of Senegal.

Award of the court shall b handed down definetely & irrevocably, it shall b binding on the parties & is immediately executable. Etc etc

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There's a plethora of such Cases that r pending or have concluded over the last few years (see link below).

An example of such an Arbitration is AfrPet's vs Gambian Govt in March 2014, wherein the govt took away A1 & A4 in Jan 2014. AfrPetr went to arbitration in March 2014. The blocks were reinstated in Nov'14 for a period of 2 years till Sept'16 wherein AfrPet were to drill a well & shoot 3D. Costs were around USD 1.275mil as per the qtrly reports (after this they ended up using Polarcus Alima in 2015 for the 3Dshoot, but are yet to drill a commitment well).

https://icsid.worldbank.org/en/Pages/cases/casedetail.aspx?CaseNo=ARB/14/7

There r other interesting cases such as
- Tullow vs Ugandan Govt which was concluded &
- Total BV vs Ugandan Govt which is pending and then
- Conoco vs some Sth American country case from 2008 still pending.

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Relevant Links to ICSID etc,

https://icsid.worldbank.org/en/Pages/cases/AdvancedSearch.aspx

Process of how to file,

https://icsid.worldbank.org/en/Pages/process/How-to-File-a-Request-for-Arbitration-Convention.aspx

Fee Schedule, https://icsid.worldbank.org/en/Pages/icsiddocs/ICSID-Schedule-of-Fees.

That's about it for now.