Australia's Tap Oil Limited revealed Monday that on March 20 the Operator of the G1/48 Concession and the Manora Oil Development (Mubadala Petroleum) gave notice to Northern Gulf Petroleum Pte. Ltd. (NGP) that it is in default under the terms of the G1/48 Joint Operating Agreement.
NGP holds a 10 percent interest in the G1/48 Concession and the Manora Oil Development. NGP has failed to pay when due its 10 percent participating interest share of joint account expenses as set out in cash calls. The notice specifies a total sum in default of $27,079,863.37. NGP, and its Bermudan parent company, Northern Gulf Petroleum Holdings Ltd (NGPH) are controlled by Chatchai Yenbamroong.
The G1/48 Joint Operating Agreement prescribes various remedies in respect of a default while it is outstanding. In this circumstance, the remedies range from:
Tap will keep the market advised of all material developments in relation to this matter.
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