JKX Wins Ukrainian Court Case in London

UK-listed Ukrainian and Russian producer JKX Oil and Gas said October 30 that a High Court claim in London against it by Ukraine has been dismissed.

It said that Sara Cockerill, sitting as a Judge in the High Court of Justice of England and Wales, on October 27 ordered that the application brought by Ukraine -- which sought to set aside a recent Uncitral arbitration award against Ukraine and in favour of JKX -- be dismissed. The Ukrainian government is therefore still liable to pay to JKX the sum of $11.8mn plus interest and costs of $0.3mn in relation to subsidiary claims, as previously ordered, said JKX, adding that the judge also ordered that Ukraine should pay JKX's costs of £61,908.65 within 14 days.

JKX's acting CEO Victor Gladun said: "We are pleased that the High Court recognised the merit of our case. We hope that we can now reach an amicable resolution of the other outstanding legal claims between JKX and Ukraine."

Three weeks ago JKX said that the London hearing related to claims made in 2015, but that other claims dating back to 2010 against Ukraine were to be heard in the High Administrative Court of Ukraine although the company did not say when.

Mark Smedley