TSXV:CVI.P - Post by User
Comment by
alaingiron Mar 06, 2013 9:36pm
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Post# 21091362
RE: RE: RE: RE: RE: another law suit against Calva
RE: RE: RE: RE: RE: another law suit against Calva For your information....I read it on the last report from Jennings Capital- March 06, 2013
A Yemeni businessman, Mohammed Saeed Al-Hajj has filed suit for US$10 million against Calvalley in a Yemeni court. We have discussed this issue with management, who informed us that they awarded a contract to Mr. Al- Hajj to provide casing, but despite being given three extensions (in writing), he could not deliver the pipe by the specified date(s). Calvalley terminated the contract thereafter with the permission of the government, in accordance with the provisions of the PSA. This appears destined to be an annoyance, but ultimately of little materiality to the Company other than the time and effort required to deal with it. We have made no provisions for it in our estimates, target or recommendation.