Cue defends Jambi action<\/p>\n
WELLINGTON (Dow Jones): New Zealand-listed exploration concern
\nCue Energy Resources NL yesterday advised it has been served with
\na claim for US$32.2 million in damages by Norwegian oil company
\nSaga Petroleum ASA.<\/p>\n
The claim is for breach of contract relating to the
\nabandonment of the company's plans to buy interests of Saga's
\nIndonesian unit Saga Petroleum Indonesia Jambi in an undersea
\nexploration license area off Sumatra.<\/p>\n
Cue said it believed it had the lawful right to terminate any
\narrangement it may have had with Saga, and that the claim from
\nSaga is without merit. "The company will vigorously defend the
\naction," it said.<\/p>\n
Cue announced its intention to buy Saga's stake in the Jambi
\nMerang block in May 1997. But in April 1998, Cue said it was
\ndiscontinuing the purchase because a number of conditions,
\nincluding approval from the Indonesian government, had not been
\nmet.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/cue-defends-jambi-action-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}