Dubai: Shares of Dana Gas jumped about 5 per cent in trade on Sunday after the British high court upheld an earlier order requiring $100 million in payment to Dana's consortium.
The English High Court upheld on Friday, November 20 a previous ruling by the London Court of International Arbitration (LCIA) ordering the Kurdistan Regional Government (KRG) to pay what it owed to the consortium for developing hydrocarbons in the region.
On October 17, 2014, the LCIA ordered that the $100 million be paid within 30 days. The case was taken to the High Court of England after the KRG failed to make the payment.
The payment will now have to be made in 14 days, the statement from Dana Gas on the Abu Dhabi Exchange said.
Dana Gas traded 4.88 per cent higher at Dh0.48 in a steady market. The ADX index was down 0.03 per cent at 4,258.77.
