- The French Government has lodged a defence statement against Gas2Grid’s (GGX) €34.35 million (approximately A$54 million) claim
- The company has been seeking damages for the French Government’s refusal to renew the St Griede conventional hydrocarbon exploration permit
- Additionally, the Court of Appeal of Bordeaux has annulled a previous judgement which forced France’s Government to pay Gas2Grid €383,500 (approximately A$598,133)
- The company will be seeking a resolution of this matter from the Court, and may potentially be referred to France’s High Court
- Gas2Grid closed in the grey to trade at 1 cent per share
The French Government has lodged a defence statement against Gas2Grid’s (GGX) €34.35 million (approximately A$54 million) claim.
This is the latest development in a years-long battle waged between the oil and gas explorer and the French Government. The dispute goes all the way back to 2013, when Gas2Grid applied for a five-year renewal of its St Griede hydrocarbon exploration permit.
In 2015, the French Government refused to renew the permit, a decision that was later overturned by the Pau Tribunal in 2016. Despite granting a five-month renewal of the permit, the government still lodged an appeal in the Court of Appeal of Bordeaux, which annulled the Pau Tribunal’s 2016 ruling in 2019.
Gas2Grid has been seeking damages from the French Government, for its refusal to renew the St Griede permit. With the government’s defence statement now submitted, the Pau Tribunal can move ahead with the latest claim.
Gas2Grid’s lawyers in France are currently awaiting a copy of the relevant statements, which they will study and provide advice on in due course.
In related news, Gas2Grid has only just learned of a decision which was handed down by the Court of Appeal of Bordeaux in December last year.
The court decided to annul a previous judgement by the Pau Tribunal, which forced the French Government to pay €383,500 (approximately A$598,133) in penalties to the company in 2018. The penalties were the result of the government’s delay in granting a five-year extension to the St Griede permit.
Gas2Grid will be seeking a resolution of this matter from the court, and may potentially be referred to France’s High Court. While the company believes that it has a good chance of being successful, it is difficult to determine how and when the various legal proceedings in France will be finally resolved.
Gas2Grid closed in the grey to trade at 1 cent per share at 4:27 pm AEDT.