A Dutch investment group that is seeking almost €20 million from the San Leon Energy group over a commercial dispute involving a Polish gas field has stepped up its pursuit of the Irish exploration company.
Avobone, part of the Indofin investment banking group from the Netherlands, has hired top Dublin commercial law firm Matheson to represent it in the row with Aim- listed San Leon, which is chaired by former Smart Telecom executive Oisin Fanning.
The Dutch company last week issued proceedings against four San Leon-linked companies in the High Court in Dublin, as part of its attempt to gain repayment of the sum it says it is owed.
Guarantee
Avobone alleges it is owed money by San Leon’s subsidiary, Aurelian Oil & Gas, arising from a guarantee relating to a 10 per cent share of the Siekierki shale gas prospect in Poland that Avobone owned. Aurelian and Avobone were previously partners in the venture.
The row originally flared in 2013, when Avobone sought arbitration over its demand for payment relating to the stake.
It prevailed at arbitration when, last summer, the International Court of Arbitration of the International Chamber of Commerce said it was owed more than £13 million.
San Leon appealed the award to the UK’s commercial court, but it lost this case in February. Avobone then hit it with a bill for £15.5 million, including interest.
