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.


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