Energy dispute: Excalibur Ventures LLC v Texas Keystone & Ors

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The Commercial Court has given judgment in Excalibur Ventures LLC v Texas Keystone & Ors, a high-profile energy dispute concerning interests in four large oilfields in Iraqi Kurdistan.

Excalibur Ventures had entered into a collaboration agreement with Texas Keystone and also, it alleged, Gulf Keystone Petroleum Ltd, an AIM-listed oil and gas exploration company that holds interests in production sharing contracts for the oilfields in question. Excalibur alleged that the collaboration agreement entitled it to an interest in all four of those contracts and claimed specific performance, or alternatively damages of more than $1.6bn on various different contractual and non-contractual grounds. Gulf Keystone, and two of its subsidiaries, which were also co-defendants, denied that they were parties to the collaboration agreement; and all of the defendants denied any liability to Excalibur…

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