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Northern Gulf Petroleum in default on Manora Oil project


Published Mar 24, 2015
Tap Oil - Manora-5 exploration well

Tap Oil Limited advises that on 20 March 2015 the Operator of the G1/48 Concession and the Manora Oil Development (Mubadala Petroleum) gave notice to Northern Gulf Petroleum Pte. Ltd. (NGP) that it is in default under the terms of the G1/48 Joint Operating Agreement.

NGP holds a 10% interest in the G1/48 Concession and the Manora Oil Development. NGP has failed to pay when due its 10% participating interest share of joint account expenses as set out in cash calls. The notice specifies a total sum in default of US$27,079,863.37. NGP, and its Bermudan parent company, Northern Gulf Petroleum Holdings Ltd (NGPH) are controlled by Mr Chatchai Yenbamroong.

The G1/48 Joint Operating Agreement prescribes various remedies in respect of a default while it is outstanding. In this circumstance, the remedies range from:

Tags: Tap Oil Limited




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