The Singapore International Arbitration Center awarded Jadestone Energy Inc. monetary damages, plus a portion of the legal costs and expenses, as a result of an arbitration case filed against Total E&P Philippines BV on service contract 56.
Jadestone, through wholly-owned subsidiary Mitra Energy (Philippines SC-56) Ltd., filed the case against Total E&P Philippines BV.
Mitra started the arbitration case in December 2017 in response to a breach of the 2012 farm out agreement with Total, claiming that Total failed to drill an exploration well on the deepwater Halcon prospect within service contract 56 in offshore Sulu Sea.
“The tribunal found in favour of Mitra SC56... awarding monetary damages to Mitra SC56 of $11,075,000, less specific expenditures incurred prior to the breach to be agreed or determined if the parties cannot agree; and legal costs of approximately $4,300,000,” it said.
Total remains the operator of SC 56 with a 75-percent interest, with Mitra SC56 holding the balance.