RE:RE:RE:RE:BANKRUPT!!Here again are the legal issues that are VERY MATERIAL and date back as far as January 31st, 2018. Were the he'll is the News Releases on all of them. They are all material and the company chose to say nothing!!! Must be management looking after "a shareholders interest, not "the shareholders". Next step will be A CLASS ACTION LAWAL SUIT!!
PENDING LEGAL MATTERS IN NIGERIA
8. January 31, 2018: On January 31, 2018, NAEL, in conjunction with armed personnel from the Nigerian navy and police force, and sheriffs of the Court, and under the guise of a routine naval inspection, landed a helicopter on the FPSO Armada Perdana (the "FPSO"). The FPSO is EPNL's (not Allied's nor CINL's) production and offtake vessel for OML 120 operations and belongs to Bumi Armada Berhad (through its subsidiary Armada Oyo Ltd), a Malaysia-based international offshore oilfield services provider. The crude oil on board the FPSO belonged to EPNL. The landing was in breach of security and safety protocols. Once on board, NAEL's entourage, including armed personnel with weapons drawn, forced their way into safety restricted areas of the FPSO and chained and counter-locked the vessel's main export valve. NAEL's use of weapons and flash photography in this area was a significant violation of industry safety procedures. NAEL asserted that the EPNL crude oil stored on the FPSO was being seized pursuant to the Writ. In short, NAEL, attempted to enforce the Writ against companies who were not parties to the Arbitration described above and not subject to the Arbitration Award, and against assets belonging to neither Allied nor CINL. On the same date NAEL's counsel, Thompson Okpoko & Partners, sent demand letters to both Bumi Armada Berhad and Armada Oyo Ltd claiming that "the OMLs 120 and 121, the entire Crude oil or petroleum produced and to be produced and stored in the FPSO and associated facilities … have been seized/attached by the [Writ]." NAEL's counsel made these claims despite the fact that NAEL was aware that, pursuant to the Acquisition, neither Allied (despite its retention of bare title) nor CINL were the economic owners of the OMLs. In their correspondence, NAEL counsel threatened Bumi Armada Berhad and Armada Oyo Ltd with civil and criminal prosecution if they interfered with NAEL's enforcement of the Writ.
9. February 12, 2018: Allied and CINL filed an "Application for Mandatory Injunction" with the High Court of Lagos State, in the Lagos Judicial Division (the "Lagos Court") on February 12, 2018. On February 20, 2018, NAEL filed a "Preliminary Objection" seeking an order to strike the above-mentioned "Application for Mandatory Injunction". At the same time, NAEL also sought enforcement of the Writ in the Court.
10. March 2, 2018: On March 2, 2018, EPNL filed a "Motion on Notice" with the Court seeking an order setting aside the Writ and the purported execution carried out by NAEL on January 31, 2018, due to the fact that (i) EPNL is the owner of the crude oil on the FPSO, (ii) the Writ did not authorize NAEL to attach EPNL's crude oil, and (iii) the attachment of EPNL's crude oil interfered with its constitutionally protected property rights, among other things.
11. March 8, 2018: On March 8, 2018, the Lagos Court ruled that NAEL's conduct inattempting to enforce the Writ in both the Court and the Lagos Court was an "abuse of process".
12. March 14, 2018: On March 14, 2018, Allied and CINL filed a "Notice of Preliminary Objection" with the Court in which, among other things, Allied and CINL stated that they do "not have title in the property or assets attached via the [Writ]"-meaning the FPSO and the hydrocarbons contained on it on January 31, 2018, when NAEL and its agents boarded that vessel.
13. March 16, 2018: On March 16, 2018, the Department of Petroleum Resources ("DPR"), which is a part of the Ministry of Petroleum Resources of the Nigerian government, and the primary oil and gas regulator in Nigeria, wrote a letter to NAEL in which it told NAEL that it must "unlock the export valve at the Oyo Field Terminal [on the FPSO since] the operation (lock/unlock) of which is statutorily vested in the [DPR]". In short, the DPR advised NAEL that in attempting to enforce its writ, it had violated the legal authority of the DPR to control the export valve on the FPSO. 14. March 27-28, 2018: EPNL had a scheduled offtake of crude for March 27-28, 2018, for which, as with every other such offtake, required a government permit. Due to NAEL's improper use of the Writ and its interference with EPNL operations, as well as its court proceedings, DPR was unwilling to issue such a permit, causing the scheduled offtake to be delayed. On April 12, 2018, EPNL received a copy of written correspondence from DPR stating that it would suspend processing the required permit indefinitely until such time as the Writ, as applied to the FPSO and Erin's operations, was vacated.
15. April 19, 2018: On April 19, 2018, in a Form 8-K filing, the Company announced an emergency shutdown of the FPSO, which resulted in the shut-in of the Oyo-8 well. In addition, the Company further announced that, due to the non-release of the nominated marine tanker for the crude oil offtake by the Nigerian authority, the first quarter crude oil lifting that was scheduled for the end of March 2018, had been delayed. The announcement also stated that these events led to the suspension of Oyo field production operations including the FPSO. The Company also reported its continued efforts to resolve these matters. As of the date of this report, such first quarter crude oil offtake is still delayed, the Oyo field production operations, including the FPSO, are still suspended and the Company is continuing to work to resolve these matters.
16. April 23, 2018: On April 23, 2018, Erin received copies of certain of the pleadings in the various actions pending before the Court and the Lagos Court sufficient to provide the disclosure contained above.
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