Post by Frank1902on Nov 11, 2014 8:46pm
411 Views
Post# 23119198
Emp suing multiple parties re Sudan/Turkey
Emp suing multiple parties re Sudan/TurkeyEmperor Oil Ltd. has filed a lawsuit in the Supreme Court of British Columbia against Lutfur Khan and others, claiming that Mr. Khan misrepresented the potential of oil and gas projects in Turkey and Sudan to induce the company into entering agreements for those projects. Emperor then suffered the loss of $2,625,000 (U.S.) in property payments, the suit claims. The company is seeking to recover those losses and to collect damages for breaches of the property agreements. The allegations are contained in a notice of claim that Emperor filed at the Vancouver courthouse on Friday, Nov. 7. The defendants include Mr. Khan, a Pakistani businessman who has been a director of many Vancouver companies. Also named is TSX Venture Exchange listing Panorama Petroleum Inc. as well as two of its subsidiaries and an associated private entity, State Petroleum (Overseas) Inc. The problems, as described by Emperor, stem from agreements it entered in 2011 and 2012 to acquire interests in the Catalca licence in Turkey and the Block 7 project in Sudan. The company claims that Mr. Khan greatly overstated the potential of the projects to induce it to enter those agreements. He represented the Catalca licence as having one well suitable for commercial production, and told the company that Block 7 contained 400 million barrels of oil and was capable of producing between 5,000 and 10,000 barrels of oil per day.