ODIN TO TAKE LEGAL ACTION AGAINST BLUE ENERGY

Written on the 11 August 2010

ODIN TO TAKE LEGAL ACTION AGAINST BLUE ENERGY

ODIN Energy will commence legal action against Blue Energy following a breakdown in mediation over a farmin agreement in 2008.

Odin Energy made the decision after a failed mediation process which occurred between the boards of Odin, Blue Energy and Drillsearch. It follows two years of legal proceedings over seismic works on the tenement PEL 106.

In a statement to the ASX, Odin says ‘the mediation has now been terminated without resolution of the issues and Odin will now vigorously pursue its action against Blue Energy Ltd for the return of $4.5 million plus interest and accumulated legal costs, which could amount to over $6 million’.

Blue Energy CEO John Phillips (pictured) would not comment on the matter. Phillips became CEO of Blue Energy last year. Since his appointment, the former Sunshine Gas COO has focused on development of the Monslatt area, which is adjacent to Arrow Energy’s Moranbah Gas Project.

Odin Energy chairman Alex Bajada could not comment with court action pending.


Latest News

SIRTEX CEO DISMISSED FOLLOWING SHARE TRADING PROBE

SIRTEX Medical Ltd (ASX: SRX) has sacked its chief executive officer, Gilman Wong (pictured), following an investigat...

SANTA DELIVERS KOGAN A GIFT

KOGAN.COM (ASX: KGN) has exceeded its expectations and reported another strong quarter of trade.

The online retail...

FOUR WAYS YOU SHOULD PROTECT YOUR IT SYSTEMS FROM EXTREME WEATHER

SHANNON Overs, co-founder of onPlatinum ICT, sees it too often, perhaps half a dozen times per year businesses tha...

IOT GROUP ORDERS FIRST PRODUCTION OF ROVA DRONE

IOT Group (ASX:IOT) has ordered production of 40,000 units of the ROVA flying selfie drone from Chinese technologies ...

Related News

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

SMES TAKE RETAIL MARKET SHARE AS CONSUMERS CHOOSE PERSONALISATION

IN a battle for the hearts and wallets of Australian consumers, it appears that small and medium retail businesses...

KNOWLEDGE WORKERS AMONG MOST SOUGHT AFTER IN 2017

BUSINESSES searching for efficiencies and improved systems are in search of knowledge workers early this year, say...

FEMALE ENTREPRENEURS GET SPRINGBOARD TO GROWTH

DESPITE the fast-growing number of women studying STEM subjects at school and university, women continue to be und...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter