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Cameroon: Court affirms Grynberg’s Logbaba stake
After more than two years of arbitration, the Paris-based International Chamber of Commerce has upheld RSM Production Corporation’s claim that it was unjustly divested of its 38% stake in the Victoria Oil and Gas (VOG)-operated Logbaba gas field onshore Cameroon in July 2011 for failure to pay its share of operating costs. However, while affirming RSM’s interest in the concession, the court ordered the company to “promptly” pay its arrears or risk default. In June 2011, London-based VOG said RSM, owned by Denver oilman Jack Grynberg, had failed to comply with a cash call served on 15 June, giving it 15 days to pay the outstanding balance.
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