Jura Loses UK Freeze Bid, Ordered to Pay PEL Costs
Jura Energy's UK freeze on PEL assets was rejected after a London court found no real risk of dissipation. The court ordered Jura units to pay 270,000 pounds in costs.
A London court refused to extend a domestic freezing order against Petroleum Exploration (Private) Limited, ruling that Jura Energy's subsidiaries had not proved a real risk of asset dissipation.
The High Court of Justice in England and Wales had granted an interim freeze on PEL assets up to about $6.96 million in July, pending a return hearing. After that hearing, the court declined to continue the injunction, Jura said in a statement Thursday.
The court also ordered Jura's wholly owned units Frontier Holdings Limited and Spud Energy Pty Limited to pay costs to a third party involved in the proceedings and to PEL. The PEL award of 145,000 British pounds was made contingent on PEL having paid amounts due under the arbitral awards the subsidiaries won, Jura said. The third-party costs were set at 125,000 pounds.
Jura said the subsidiaries will continue to pursue enforcement of the arbitral awards. The company did not specify what enforcement options remain after the freeze was lifted.
Jura, based in Calgary, Alberta, trades on the TSX Venture Exchange under the symbol JEC. It holds petroleum and natural gas properties in Pakistan.
The case stems from arbitration awards Jura's subsidiaries obtained against PEL. The company first disclosed the English enforcement proceedings in July, when it announced the interim freeze.
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