Alvopetro Energy (TSE:ALV) has released an update.
Alvopetro Energy Ltd. has announced a favorable outcome in an emergency arbitration, which affirms the increase of its working interest in a unitized area from 49.1% to 56.2%. The decision by the emergency arbitrator, which is provisional and subject to review, orders the company’s partner to comply with the expert’s decision and cover 70% of the arbitration costs. While the company has made progress, the matter awaits a final decision from a full arbitration tribunal under the ICC rules.
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