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Serinus Energy PLC on Wednesday said it won an arbitration case against its former partner in the Satu Mare Concession in Romania, Oilfield Exploration Business Solutions SA. Serinus is an oil and gas exploration company with operations in Romania and Tunisia. In October 2020, Serinus first filed the arbitration request with the Secretariat of the International Court of Arbitration of the International Chamber of Commerce. The company sought to have arbitral tribunal issue a declaration affirming its rightful claim of ownership of OEBS’ 40% participating interest in the concession. It also aimed to have OEBS to take all necessary steps to formally transfer the 40% interest to Serinus, due to OEBS’ failure to carry out its contractual obligations under the joint operating agreement. On Wednesday, Serinus said it has won the arbitration case, and therefore both requests will be fulfilled. Shares in Serinus were up 3.1% to 9.02 pence each in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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