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Victoria Oil & Gas to wait another month for Logbaba arbitration verdict

Last updated: 17:47 01 Nov 2013 AEDT, First published: 18:47 01 Nov 2013 AEDT

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Victoria Oil & Gas's (LON:VOG) long-running dispute with RSM over the Logbaba gas field in Cameroon is set to run a bit longer.

The Secretariat of the International Chamber Commerce (ICC) has informed the company that the ICC International Court of Arbitration has extended the time limit for the case until 29 November 2013.

Previously, the company had been informed that the decision would be made by the end of October.

Logbaba is Victoria's flagship asset. RSM Production Corporation maintains that it still holds a 38% interest in the field, whereas Victoria claims it has forfeited the stake.

In its recent results statement, Victoria said it remained confident of victory in the arbitration dispute but even if it loses the case, RSM would be obliged to do the following: pay all outstanding debts and cash calls (about US$20mln) to Victoria's subsidiary, RDL; pay all future cash calls for the project or risk forfeiture; and permit RDL to recoup approximately US$65 million of drilling costs before RSM can claim its share of profits. This is projected to be in late 2016.

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