Dominion Petroleum has settled its legal disputes with Carlo Seidel, the former Finance Director.  As part of the settlement, which is in full and final settlement of all claims and allegations made in or in relation to all litigation, including pending litigation in Bermuda, Mr Seidel will retain his shares in the Company and his share options and the Company will pay GBP 2,500,000 to cover loss of office and costs. The Company has been released from its undertaking in damages relating to its injunction announced on 13 March 2008 and the security for that undertaking in damages has also been released. Further, Michael Garland and Carlo Seidel have agreed to sell on or before 31 March 2009 such number of shares as will on their sale realise no less than the net sum of GBP 200,000 and up to GBP 400,000 respectively, with the sums realised being applied towards Mr. Seidel’s legal costs. Mr Seidel has also agreed an Orderly Market Agreement covering his shares and any shares acquired under his options for the six month period from expiry of current restrictions on 12 December 2008 until 12 May, 2009.

 

 

Mike Garland, Chief Executive of Dominion Petroleum, commented:

 

“Settlement of these disputes removes any uncertainty surrounding this matter and enables management (and investors) to focus one hundred percent on the great portfolio of assets Dominion has assembled thus far as the Company moves into the next phase of its development – high impact drilling”

 

 

ENQUIRIES:

 

Dominion Petroleum Limited

Mike Garland, Chief Executive

Rob Shepherd, Finance Director

+44 (0) 20 7811 5300

 

Pelham Public Relations

Archie Berens

+44 (0)20 7743 6679 / +44 (0)7802 442 486

 

 

Seymour Pierce Limited

Nandita Sahgal

+44 (0)207 107 8000

 

 

Tristone Capital Limited

Nick Morgan

+44 (0)207 355 5800

 

ABOUT DOMINION PETROLEUM

See www.dominionpetroleum.com