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

VITA GROUP POSTS STEADY RESULTS DESPITE ROUGH YEAR

IT'S no secret Vita Group (ASX: VTG) has had a testing year, however the company has still managed to deliver ...

KOGAN BREAKS FORECASTS IN ITS FIRST YEAR OF PUBLICLY LISTED TRADE

RAISING the bar high in its first year as a publicly listed company, Kogan.com (ASX: KGN) has smashed its forecast...

CAMPLIFY MOTORS INTO THE UK MARKET

CARAVAN hire and RV sharing community Camplify has made its move in the European market, establishing its first op...

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter