Mercom Oilsands Plc – Breach of Contract

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The Sales and Purchase Agreement with Mercom stipulates that any disputes shall be attempted solved in an amicable way. If this fails, the disputes are to be submitted for resolution by arbitration in Canada. Mercom has received several proposals for settlement, the latest with validity to close of business January 14th instant. Mercom did not respond to this offer. In a Board of Directors meeting January 14th 2013 it was concluded that all efforts to solve the dispute amicably have failed. The relevant subisdiary has been instructed to take the needed measures to commence arbitration proceedings.

Inquiries may be directed to:
Per Gunnar Løge (+47 91130847)