The Board of Victoria Oil & Gas announced that the General Prosecutor of the Republic of Kazakhstan ("the General Prosecutor") has supported the Company's appeal against the claim made against its ownership of the Kemerkol oil field as previously announced on April 25, 2008.
The claim was lodged against VOG's subsidiary, Victoria Energy Central Asia LLP ("VECA"), disputing the valid transfer of the Kemerkol license to VECA in 2005. The claim was made and initially upheld in the Economic Court of the Atyrau Oblast in Kazakhstan in March 2008. VOG has always maintained that the transfer was undertaken legally and has defended this position vigorously through the entire appeal process.
After assessing the particulars of the claim and VECA's subsequent appeals, the General Prosecutor has issued a formal letter of protest to the Supervisory Panel of the Atyrau Oblast Court demanding cancellation of the court decision. This will mean that, VOG's ownership of Kemerkol will be restored and the case will be sent back to the Economic Court for reconsideration.
The General Prosecutor has also insisted on an examination of certain matters relating to the validity of the claimant, which were previously disregarded by the Court.
Commenting on the General Prosecutor's support, Kevin Foo, Chairman of VOG, said today, "The support of the General Prosecutor further endorses the legitimacy of our ownership of Kemerkol and we now expect the Courts to dismiss this fraudulent case and allow us to recommence activity at Kemerkol. We will provide further information in due course."
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