Announcement Details

ASX URL: http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=wec#headlines


2 March 2012 – White Energy Company Limited (ASX:WEC; OTCQX:WECFY) (“White Energy”) As previously advised to the market, on 27 December 2011 White Energy’s wholly owned subsidiaries commenced legal proceedings in the High Court of the Republic of Singapore against PT Bayan Resources Tbk (“Bayan”), among other matters, seeking damages for breach of the Joint Venture Deed between the KSC shareholders including the obligation to supply coal to KSC and the obligation to provide funding to KSC. Bayan has since filed a defence to the claim, and a counterclaim against BCBC Singapore Pte Ltd (“BCBCS”) and White Energy seeking damages.