RHEP Rheochem

 

TIDMRHEP 
 
RNS Number : 8754J 
Rheochem PLC 
08 April 2010 
 

8 April 2010 
                                  Rheochem Plc 
 
                    ("Rheochem" the "Company" or the "Group") 
 
        Completion of Zeus acquisition and update on Senergy proceedings 
 
Rheochem Plc, the oil and gas business with oil services, production, 
development and exploration assets, has received written confirmation from the 
UK Department of Energy & Climate Change that the Secretary of State for Trade 
and Industry does not intend to exercise its right to revoke any licences 
granted to Zeus Petroleum Limited ("Zeus") as a result of the change of 
ownership following the acquisition by Rheochem of the remaining 50% 
shareholding.  Therefore practical completion of the acquisition will now be 
finalised. 
 
Rheochem Plc previously reported in the 30 June 2009 accounts a claim made by 
Senergy Limited UK  ("Senergy") against Zeus.  Rheochem has now been notified 
that Synergy has commenced proceedings in the High Court in London with respect 
to these claims.  The claims relate to an alleged breach of a Letter of 
Commitment dated May 2008 (the "LOC") with respect to an alleged drilling 
commitment. The claim is for US$11,707,000 and GBP542,199   plus costs and 
interest and also includes a rectification argument claiming an alleged error in 
the LOC.  The management of Zeus intend to vigorously defend the claim. Any 
further updates will be made in due course. 
 
Commenting on the announcement today Haydn Gardner, CEO of Rheochem, said: 
"We are delighted to have completed this acquisition which allows us to move 
forward with the Company's North Sea assets and in particular the Athena 
development.  We believe that Senergy has been opportunistic in the timing of 
its claim . We look forward to resolving this issue through the courts." 
 
 
 
                                    - Ends - 
 
Enquiries: 
 
+------------------------------------+--------------------------+ 
| Rheochem Plc                       | +61 (8) 9410 8200        | 
| Haydn Gardner, CEO                 |                          | 
|                                    |                          | 
+------------------------------------+--------------------------+ 
| Financial Dynamics                 | +44 (0) 20 7831 3113     | 
| Billy Clegg / Edward Westropp /    |                          | 
| Alex Beagley                       |                          | 
|                                    |                          | 
+------------------------------------+--------------------------+ 
| Astaire Securities Plc             | +44 (0) 20 7448 4400     | 
| Shane Gallwey                      |                          | 
|                                    |                          | 
+------------------------------------+--------------------------+ 
| Mcall, Aitken, McKenzie            | +44 (0) 20 7464 4062     | 
| Andy Yeo                           |                          | 
+------------------------------------+--------------------------+ 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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