Veresen Inc. has announced that a decision has been rendered in respect of the application commenced by Energy Fundamentals Group Inc. (EFG) in the Ontario Superior Court of Justice in Toronto in August 2014.
In the application, EFG sought a declaration that, pursuant to a letter agreement dated 27 July 2005 between EFG and Fort Chicago Energy Partners L.P. (the predecessor to Veresen), EFG has a valid option to acquire up to 20% of Veresen's equity interest in the Jordan Cove LNG terminal and related assets in Coos Bay, Oregon.
The recent decision of the court declared that the option was not terminated and continues to apply to the Jordan Cove LNG project.
Veresen is reviewing the decision of the court in order to determine what further steps to take in respect of the decision including, among other things, filing an appeal of the decision.
Veresen believes that the existence of the option and whether or not it is exercised will have no material impact on the company.
Adapted from press release by Callum O'Reilly