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BRIEF-Tap Oil commences arbitration against Northern Gulf

Published 20/08/2015, 04:28 pm
© Reuters.  BRIEF-Tap Oil commences arbitration against Northern Gulf
TAP
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Aug 20 (Reuters) - Tap Oil Ltd TAP.AX :

* Tap commences arbitration against Northern Gulf

* Currently, US$6.69 million of the carry repay is due and payable

* Says notice of arbitration has been issued to NGP to recover all funds owed under the US$10 million carry repay arrangement

* Has made repeated attempts to resolve the payment dispute with NGP and will now vigorously pursue this arbitration against NGP in Singapore

* Says arbitration process is expected to take approximately 12-18 months

* Tap Energy (Thailand) pty ltd, a subsidiary of Tap Oil Limited filed on 19 August 2015, a notice of arbitration in Singapore

* Says arbitration in regards to payments due under the sale and purchase agreement

* Source text for Eikon ID:nASX8QLspW

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