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Essar Files Legal Claim against ShoreCan

Source: www.gulfoilandgas.com 4/3/2020, Location: Africa

Essar Exploration & Production Limited Mauritius, has filed a claim in the High Court of Justice, Business and Property Courts of England & Wales in respect of SHORELINE CANOVERSEAS PETROLEUM DEVELOPMENT CORPORATION LIMITED’s (ShoreCan) repudiatory breach of a Share Purchase Agreement between Essar and ShoreCan dated 17 August 2015, (the “SPA”), and in respect of material breaches of a related Shareholders’ Agreement of the same date (the “SHA”). In its legal filing, Essar claims that the SPA and the SHA are terminated and the transfer of shares under the SPA by Essar to ShoreCan is void. Essar also seeks an order that ShoreCan forthwith take all steps necessary to transfer its shares in Essar Exploration and Production Limited Nigeria (“EEPLN”) to Essar. Essar has also claimed damages of approximately US $63 million in respect of amounts that it has invested in the project.

A senior management executive of Essar indicated that Essar had entered into the SPA and the SHA on 17 August 2015 to transfer 80 percent of its shareholding in EEPLN to ShoreCan in return for ShoreCan’s investment of $80 million in EEPLN. ShoreCan is owned 50:50 percent by Canadian Overseas Petroleum (Bermuda Holdings) Ltd and Shore Line Energy International Ltd respectively. Essar, in August, 2018, issued a notice of breach and event of default to ShoreCan for not meeting its obligations under the SHA and expected ShoreCan to take corrective steps to remedy its defaults under the SHA. However, ShoreCan never remedied its default.

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