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[nicky21] 21/5/2019 07:20

An email an investor received from Arthur yestersay regarding Agamore.


Sent from my iPhone

On May 20, 2019, at 10:51 AM, Arthur Millholland wrote:

Mark,

Agamore is nothing but a nuisance. The issue goes back to 2008 when the PSC was issued. Essar Global had committed to build a very large refining and petro chemical complex in Nigeria in 2005 which they subsequently reneged on. We believe Agamore was originally related to this venture.

When the Essar Nigerian sub was awarded the PSC they were told they had to have an Indigenous partner. They signed a letter agreement with Agamore, under English law to be adjudicated in English courts, in anticipation of being awarded the PSC. Under the agreement Agamore was to seek and be granted an assignment in the PSC within 60 days of its issuance. They were rejected by both the DPR and NNPC. They tried again in 2010 and were again rejected. There it sat until 2017.

We were aware of the letter agreement when we took control of Essar Nigeria. Essar Groups own legal dept had recommended some years previously it be formally terminated. Essar Nigeria under our control formally terminated it in the spring of 2017 for none performance by Agamore due to their rejection twice by the DPR and NNPC. They had 30 days contractually to respond, which they did not.

In May of 2018 they launched a suit in Nigeria against Essar Nigeria, ShoreCan, myself, Tunde Karim, the DPR (the Energy Minister who is President Buhari) and NNPC. In June we were asked by the DPR and NNPC to enjoin in our defence. This we agreed as we were informed by them the Agamore would never be assigned an interest and the 2008 and 2010 decisions by them would remain.

Our groups response to the suit primarily was and is jurisdiction. The original Agamore agreement clearly states it was done under English law to be prosecuted in English courts first under arbitration. As such the Nigerian Courts have no authority.

Agamore objected to the enjoinment of the DPR and NNPC to a common defence. The Judge in April threw out this objection with very strong language. This month, the court will hear arguments regarding the principle issue of jurisdiction. If we were in English courts, the Judge would rule quickly in our favour. Our Nigerian QC expects the Judge to rule in our favour but reserve decision for a month because that's what they do.

This all said they Agamore does not have a leg to stand on in Nigeria or here in the UK. They did not meet their obligations in 2008 or again in 2010. They have no friends in government as there is no upside in suing the President. Just look at the recent Lekoil debacle as an illustration.

The Monday morning quarterbacks can speculate all they want. There is no risk, just a nuisance factor.

I hope this explanation is sufficient.

Arthur

Sent from my BlackBerry—the most secure mobile device

[jamie414] 20/5/2019 20:43

Only 10 bag you will be getting Half Wit is a ten bag of weed. Might do your head good that anyway. Give it a whirl. In out n shake it all about.

[nicky21] 20/5/2019 18:24

am expecting 10 bag.

[jamie414] 20/5/2019 16:23

Hopefully! nothing anyone can say on any boards now that hasn't already been said. No point in posting old news over and over again or speculating. A big gamble but if it comes in I'd expect a 10 bag. GL

[bobaxe1] 20/5/2019 16:21

10 bags from here!/

[recordz] 17/5/2019 11:20

Who were those buyers the other day. They dropped the price the day before, maybe to fill those 5m orders.There were quite a few, plus others.
Gone quiet again now.
L2 is 4v1.

[jamie414] 16/5/2019 22:01

Post it then? penny boy.

[spencertracy63] 16/5/2019 17:29

I see what you did there 414 haha 😄.

[jamie414] 16/5/2019 16:22

Post what it says then? penny boy.

[newtothisgame3] 16/5/2019 15:55

COPL has gained a $50 million term sheet with banks through its subsidiary ShoreCan

[newtothisgame3] 16/5/2019 15:55

COPL has gained a $50 million term sheet with banks through its subsidiary ShoreCan

[jamie414] 16/5/2019 14:43

I think you are incorrect.

[deanmatlazin] 16/5/2019 13:07

I think....this share will be suspended shortly. They got no cash left. Errkkkk....

[recordz] 16/5/2019 11:06

This kicked off at 12.00 yesterday. The buyers seem to have backed off a bit.

[jamie414] 15/5/2019 22:54

In out shake it all about Half Wit is out LOL GOOD!

[miahkaysor] 15/5/2019 17:38

I shall hope so Jamie. Good luck.

[jamie414] 15/5/2019 17:31

If this works out you should see a very tidy return off that :)

[jamie414] 15/5/2019 16:34

It could be wakey wakey time ;)

[miahkaysor] 15/5/2019 16:17

Thats my 6million investment for medium to long term!!!

something brewing!!!

onwards and upwards!!!




nai.dyor etc