Jura Energy Says England's High Court Grants Freezing Injunction Against Petroleum Exploration Over ICC Award
Jura Energy (JEC.V) said overnight Thursday that the High Court of England and Wales granted a freezing injunction in favour of Jura's subsidiaries, Frontier Holdings (FHL) and Spud Energy, against closely held Petroleum Exploration (PEL).The interim injunction is connected with the enforcement of the International Chamber of Commerce December 2024 arbitral awards against Petroleum Exploration, the company said.PEL is the operator of the Badin IV South and Badin IV North petroleum concessions, in each of which FHL holds a 27.5% working interest. PEL had attempted to invoke the forfeiture of FHL's 27.5% working interest in the Badin Blocks for alleged non-payment of cash calls, a December 2024 statement said. The ICC awarded PEL $5 million damages and $2 million in interest, which would accumulate until payment is received.The High Court order restrains PEL from "disposing of or diminishing" the value of certain assets in England and Wales up to US$6.96 million. A return hearing is scheduled for July 17.
