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Jadestone Energy said it been awarded an arbitration payment of about $11.1m after a tribunal found that energy company Total had breached the farm out agreement with the company's subsidiary Mitra Energy.
The tribunal ruled in favour of Mitra, concluding that Total had breached the agreement after failing to drill an exploration well on the deepwater Halcon prospect in the Sulu Sea, offshore the Philippines.
Monetary damages of US$11.075m and legal costs of approximately US$4.3m was awarded to Mitra.
'With the satisfactory resolution of this matter, we can now refocus on our strategy to deliver exceptional value to shareholders, through investment in producing assets and discoveries which can be quickly developed for early cash flow,' Jadestone said.
At 9:09am: (LON:JSE) Jadestone Energy Inc Com Shs Npv Di share price was -1p at 88.5p