On 22 May International Oil & Gas Technology announced that the English Commercial court ruled that the claim brought against the company by the former manager, QOGT Inc, for alleged wrongful termination of the investment management and advisory agreement had failed in its entirety. International Oil & Gas Technology will have its costs paid by QOGT. A counter claim brought against QOGT by International Oil & Gas Technology was also dismissed and the company will have to pay both sides’ costs in relation to this. A judgement as to exactly how the costs will be broken down is awaited. QOGT is not appealing the decision.
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