Subsidiaries of the Canadian listed company Jura Energy Corporation (“Jura”) have won an ICC arbitration against Petroleum Exploration (Private) Limited (“PEL”), a Pakistan-based oil & gas operator. Jura’s subsidiaries are Frontier Holdings Limited (“FHL”) and Spud Energy Pty (“Spud”).
LBKM partner Khurram Khan served as lead counsel for FHL and Spud.
The dispute concerned PEL’s attempt to seek the forfeiture of FHL’s and Spud’s working interest in certain oil & gas blocks in Pakistan. As a result, FHL and Spud initiated ICC arbitration proceedings against PEL, which filed counterclaims of nearly $500 million. The award declared that PEL had been in breach of its contractual obligations and was not entitled to seek forfeiture of FHL’s and Spud’s working interests. FHL and Spud were awarded damages, whereas PEL’s counterclaims were dismissed entirely.
MEDIA COVERAGE
- Global Arbitration Review (GAR): Canadian company reports win in Pakistani gas dispute
- Business Recorder: Two foreign oil, gas firms win arbitration against PEL
- Pakistan Today: Two foreign firms win arbitration against PEL, retain 27.5% stake in Badin Blocks
- Stockwatch: Jura wins arbitration regarding Badin IV North, South
- Globe Newswire: Jura Announces Highly Favorable Resolution of Arbitration Proceedings Regarding Badin IV North and South Blocks
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Lewis Baach Kaufmann Middlemiss PLLC is an international disputes boutique focusing on international financial disputes, financial compliance, white collar defense and investigations, insurance and reinsurance advice and representation, and cross-border commercial litigation and arbitration. The firm has offices in Washington, New York, London, and the Middle East.
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