All in the quarterly! Legal Claim On 7 March 2011, Molopo Energy Canada Ltd (MECL), a 100% owned subsidiary of Molopo Energy Ltd (Molopo), was served with a statement of claim by a joint venture partner in the Spearfish project. The joint venture partner is seeking various court orders, declarations and specified damages of $36 million plus further unquantified damages. MECL had previously issued a notice of default to the joint venture partner. On 8 April 2011, MECL filed a statement of defence and counterclaim in respect of the above matter with the Court of Queen's Bench of Alberta, Canada, defending its position against the joint venture partner. The counterclaim deals largely with matters that were addressed in the initial notice of default served by MECL on the joint venture partner, and generally relates to an outstanding amount of approximately $3.2 million (plus interest and costs) which MECL believes is owing to it by the joint venture partner. On 28 April 2011, MECL was served with the joint venture partner’s reply to MECL’s Statement of Defence to Counterclaim. As part of the standard litigation process, MECL was served with the joint venture partner’s Affidavit of Records on 27 July 2011, and MECL has 30 days from that date to serve its Affidavit of Records on the joint venture partner.
MPO Price at posting:
60.0¢ Sentiment: None Disclosure: Held
