Trinidad Express / THE defeat in the Privy Council on Tuesday means A&V Oil and Gas has exhausted its legal options, which attempted to prevent Petrotrin from terminating its multi-million dollar contract as a result of the findings of an Internal Report.
As a result, the State-owned company as a announced that by noon Wednesday, it will be taking possession of A&V’s Cathill Field.
The plan was announced in a statement on Tuesdya night in a statement which read:
Petrotrin’s Board of Directors today announced that pursuant to the Termination Notice dated 2017 December 19 bringing to an end the Incremental Production Service Contract (IPSC) with A&V Oil & Gas Limited (A&V), Petrotrin intends to take possession of the Catshill Field previously operated by A&V on or before 12:00 noon on 2018, Wednesday February 28.
This follows the dismissal by the Privy Council on 2018, Monday February 26 of A&V’s application for permission to appeal against the Order made by the Court of Appeal of Trinidad and Tobago dated 2018 February 08 refusing A&V an injunction to restrain the termination of the IPSC. A&V failed in its bid to obtain an injunction in both the High Court and the Court of Appeal.