Item 8.01Other Events
Item 8.01. Other Events
1.An arbitration holding in London, England, under the auspices of the
International Chamber of Commerce, between a foreign multinational and ERHC
Energy Inc. (together the "Parties") has been concluded by the withdrawal of
further claims and the entry of a final award ("Final Award") by the sole
arbitrator.
2.The arbitration concerned an assignment agreement ("Agreement") and a deed of
assignment ("Deed") entered into on October 17, 2017, between the Parties.
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3.The sole arbitrator had on August 15, 2018, rendered a partial award ("Partial
Award") which held that as of the date of the Agreement and Deed, ERHC Energy
Inc. is and was the legal and beneficial owner of a 100% working interest in
Block 4 of the Exclusive Economic Zone, offshore Sao Tome and Principe. The
Partial Award also upheld the foreign multinational's rights and interests by
virtue of the Agreement and Deed as valid and enforceable.
4.The Partial Award was upheld by, and constituted into, the judgment of the
High Court of Justice of England and Wales on January 4, 2019.
5.The Final Award, which has just been delivered in 2021, upheld the withdrawal
of all other claims in the matter, made orders as to the sharing of costs
between the Parties and ends the matter with finality.
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