Jura Announces Dismissal in Full of PEL's Appeal against certain reliefs granted in the Settlement Agreement Arbitral Award

Executive Summary

• The UK High Court dismissed in full Petroleum Exploration Ltd.’s appeal challenging the arbitrator’s jurisdiction over reliefs granted to Jura’s subsidiaries under the ICC arbitral award.
• The court awarded approximately GBP 384,000 in costs to Jura’s claimants and issued an anti‑suit injunction preventing PEL from initiating further proceedings that would breach the Settlement Agreement.
• The dismissal removes a material legal uncertainty, allowing Jura to resume enforcement steps for the award; enforcement is expected to continue into the medium term with periodic shareholder updates.

Key Details

• Appeal Dismissed: The Commercial Court of England and Wales dismissed PEL’s appeal filed in January 2025, confirming the arbitrator’s jurisdiction over all reliefs.
• Reliefs Confirmed by Award (ICC, Dec 2024):
• Claimants not in breach of the 12 Aug 2016 Settlement Agreement.
• PEL is in breach of the Settlement Agreement.
• Frontier Holdings Ltd. retains a 27.5% working interest in the Badin IV South and North assets.
• PEL cannot seek forfeiture of Frontier’s interests.
• Court‑Awarded Costs: Approximately GBP 384,000 awarded to the Claimants (Spud Energy Pty Ltd. and Frontier Holdings Ltd.).
• Anti‑Suit Injunction: The court granted injunction relief restraining PEL from commencing or continuing any fresh proceedings that would breach the Settlement Agreement.
• Enforcement Outlook: Jura will resume all necessary steps to enforce the ICC award; the process is expected to extend into the medium term.
• Shareholder Communication: Jura intends to provide updates on enforcement milestones as they are achieved.

Notable Quotes

(No direct quotes were provided in the release.)