Letter: Gambia is about to pay half a million dollars at the International Settlement Investment Dispute Court

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Freedom Newspaper | 13 March 2018

Letter: Gambia is about to pay half a million dollars at the International Settlement Investment Dispute Court

Shocking information from insiders tells us that the authorities are about to make a payment to the International Settlement of Investment Disputes of nearly US dollars 500,000 as a prepay for the three litigations the Government are involved in at the moment. This does NOT include the costs of three expensive international law firms working on this case on behalf of the Gambia.

Haven`t the authorities learned any of the disasters with Carnegie and Semlex?

Baa Tambadou, are you negotiating or are we spending another billions of dalasis in the court? Africa Petroleum want to negotiate the situation, can you please do the same? The Gambia can’t afford this litigations!!!

As announced on 18 October 2017, the Company’s wholly owned subsidiaries African Petroleum Gambia Limited and APCL Gambia B.V have lodged Requests for Arbitration (“RFA”) documents with the International Centre for the Settlement of Investment Disputes (“ICSID”) in order to protect its interests in the A1 and A4 licences in The Gambia. These RFAs have been registered and allocated the following case numbers by ICSID:

ICSID Case No. ARB/17/38: African Petroleum Gambia Limited and APCL Gambia B.V. v. Republic of The Gambia.

ICSID Case No. ARB/17/39: African Petroleum Gambia Limited and APCL Gambia B.V. v. Republic of The Gambia

ICSID Case No. ARB/17/40: APCL Gambia B.V. v. Republic of The Gambia

The parties to the arbitration proceedings and ICSID are currently working towards the
confirmation of appointment of the arbitrators to the tribunals for each arbitration case.
Due to legal confidentiality considerations and commercial sensitivities associated with the arbitration process, the Company intends to only provide material updates to shareholders as and when appropriate.

The Company continues to remain open to engaging in constructive dialogue with the Gambian authorities with a view to establishing a satisfactory solution that is in the interests of all parties.