The management of Damas Petrochemicals and Refinery has threatened to go to court over the ownership of OML 110 it currently holds after a claim by Cavendish Petroleum and Kainos Exploration that they own the oil well.
According to a Press release signed by its management, Dramas Petrochemicals revealed that Cavendish has no interests whatsoever in OML100 neither is Kainos, which ordinarily is not in any recognised partnership with it.
Going down memory lane, they revealed how OML 110 was revoked from Cavendish by the Federal Government due to non-performance, a move legally recognised by the country’s laws.
Damas Petrochemicals also revealed how it legally bid for and won the OML 110 asset through due process.
Subsequently, Cavendish Petroleum through members of the Deribe family headed by Alhaji Zanna Mai Deribe approached Damas through its Chairman Abdul Samad Rabiu, ‘ to seek support and compensation because of the relationship between the Deribe family, owners of Cavendish and the new owners of OML 110, Dramas.
The relationship between the two families dates back to over two decades and based on this, the Deribes pleaded that since they were out of pocket after the loss of OML 110, they needed some form of compensation. The discussions held and agreements were reached, and 3 Billion Naira was paid to them even though they acknowledged that they were no longer the owners of OML 110.
According to Cavendish/ Deribe, they relinquished OML totally all rights and claims once the compensation of 3billion Naira was received. A letter was given to Damas to that effect and payment was subsequently made. The payment of 3billion, as indicated in the documents attached were made to the various individual heads of the Deribe family.
Damas in its press statement further stated that, Kainos Exploration which is believed to have had a spurious partnership, that is not recognised by law with Cavendish Petroleum is believed to be behind the new move to create the wrong impression that Cavendish still has stakes in OML 110.
To them, since the partnership between Kainos and the former legal owners, Cavendish is not recognised or sanctioned by the regulatory body, it is our belief that it is illegal and nonexistent.
They have therefore threatened to go to court with the agreement that was signed with Cavendish through Deribe family as well as proof that they legally won the OML 110 bid after it was revoked from its previous owners, Cavendish Petroleum.