Consequently, the SPDC has also filed an application for a stay of execution of judgment which they expressed disappointment on the court affirmation on the enforcement of the purported sale of interests in SPDC’s JV’s assets in Kidney Island and specified interests in OML 11 to the Rivers State Government.
SPDC in a statement by its spokesperson, Bamidele Odugbesan in Lagos said the fact that in the underlying judgment in Chief Agbara and Others verses SPDC which is being enforced by the sale, have themselves accepted in the High Court in England that the judgment was miscalculated and materially overstated.
The statement also noted that, prior to the instant case, the Rivers State Government had filed a similar case at the Federal High Court Abuja asking the Court to direct the Minister of Petroleum Resources to recognize the same purported interest acquired through auction sale which they withdrew in July 2020 and refiled at the Rivers State High Court without joining the Minister of Petroleum Resources.
