PRESS RELEASE
20 OCTOBER 2006
RAMCO ENERGY PLC
(“Ramco” or the “Company”)
Appeal Court decision upheld
Ramco Energy plc ("Ramco" or the Company) is pleased to announce a further favourable decision in the long-running Tenge lawsuit in Texas.
The Anglo Dutch Petroleum plaintiffs had filed a motion for rehearing of the appeal. In a decision released on 19 October 2006 by the panel of judges, the plaintiffs were overruled and denied that motion. The judgement of the Fourteenth Texas Court of Appeals issued on 19 October 2006 opens with this paragraph:
“This case arises out of a business dispute over interests in a foreign oil and gas field. After a lengthy trial involving complicated facts and extensive expert testimony, the trial court rendered judgement on the jury’s verdict, awarding plaintiffs/appellees/cross-appellants [the Anglo Dutch companies] $6.4 million in lost profits, plus attorney’s fees and interest, based on their breach-of-contract claims against defendants/appellants/cross-appellees [the Ramco defendants]. The main issue on appeal is whether the evidence proves with reasonable certainty the profits appellees [Anglo Dutch] claim to have lost as a result of appellants’ [Ramco’s] breaches of contract. We conclude that it does not. We also conclude that the trial court correctly granted summary judgement as to appellees’ [Anglo Dutch] claims for breach of fiduciary duty, misappropriation, and misappropriation of trade secrets. Accordingly, we reverse the trial court’s judgement and render judgement that appellees [Anglo Dutch] take nothing against appellants."
In its 6 June 2006 ruling the same panel of judges had reversed the trial court’s judgement and rendered judgement “that the Anglo Dutch plaintiffs take nothing against the Ramco defendants.”
Steve Remp, Chairman of Ramco, said:
“We were confident that the Appeal Court had no reason to review and reverse its well reasoned judgement in Ramco’s favour. Since June we have begun the process of re-building Ramco and I am confident that thi latest decision will allow us to leave the litigation in the past and move forward.”
Mike Swan, partner at Akin Gump Strauss Hauer & Feld and leader of the Ramco defence team, said:
“I am delighted at the outcome for Ramco. The Court of Appeals has issued a revised opinion which reinforces its June decision in Ramco’s favour. Once again the court has hammered the plaintiffs. While the plaintiffs could petition the Texas Supreme Court to allow a review of the appeal, I believe that this decision sends a clear message that this case is now over.”
ENQUIRIES:
Ramco Energy - Aberdeen Tel: 01224 352 200
Steven Bertram, Managing Director
John East & Partners Limited Tel: 020 7628 2200
David Worlidge
College Hill - London Tel: 020 7457 2020
Nick Elwes
Ramco Energy plc
62 Queen's Road
Aberdeen
AB15 4YE
United Kingdom
Tel: +44 1224 352 200
Fax: +44 1224 352 211