Polish oil and gas company Serinus Energy, controlled by an investment fund of billionaire Sebastian Kulczyk, announced that its former partner in the Satu Mare Concession in Romania, Oilfield Exploration Business Solutions (OEBS), was ruled by an arbitral tribunal to exit the Joint Operation Agreement (JOA) and hand it the 40% stake.
OEBS is the hydrocarbon exploration and production division of KMG International, part of Kazakh state company kazMunayGas.
The court ruled that OEBS is to be considered withdrawn from the JOA and the Concession Agreement as of the notification to the parties of the approval of the competent authorities of such withdrawal.
Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.