The Company has furnished the outcome of arbitration award relating to participating interest of Energy Equity India Petroleum Pty. Ltd. (EEIPL) in Block PY-1 to the stock exchanges.
The Company is in the process of reviewing the said award in detail, salient aspects of which are as follows:
(a) EEIPL stands withdrawn from the Consortium and its participating interest of 35% shall be allocated to the remaining parties. On a proportionate basis, HOEC would therefore receive 16.15 % participating interest.
(b) The Company's share of compensation for acquiring 16.15% participating interest to EEIPL is approx. US $ 1.4 MM less adjustments if any, towards claims for arbitral costs and other expenses as may be resolved between parties to the arbitration, payable upon fulfilment of certain conditions by EEIPL.