Abu Dhabi – Mubasher: Dana Gas’ stock soared 13.73% on the Abu Dhabi Securities Exchange (ADX), prompting a 1.37% rise in the energy sector by 1pm UAE time, after news that the London Court of International Arbitration (LCIA) has confirmed the company’s contractual rights with the Kurdistan Regional Government of Iraq (KRG).

A total of 124.6 million Dana Gas shares were traded worth AED 69.3 million. The stock grew to AED 0.58.

Dana announced earlier today that the company alongside Crescent Petroleum and Pearl Petroleum Company Limited (the consortium) had won the case against KRG.

The consortium filed the case in October 2013 in order to secure a mandatory arbitral declaration confirming the consortium’s exclusive rights under its contract with the KRG in 2007, the gas company said in a statement.

“On 2 July 2015, the LCIA Tribunal handed down its Partial Final Award ruling confirming beyond any doubt the Consortium’s contractual rights including a number of important issues addressed at the Arbitration Hearing which took place in London in the week of 20 April 2015,” Dana said in its bourse filing.

The Tribunal’s award confirmed the Consortium’s exclusive long-term rights to develop and produce gas and petroleum from both the Khor Mor and Chemchemal fields for the duration of the contract, which is not less than 25 years.

These rights were previously been disputed by the KRG in May 2009, preventing the consortium from carrying out the proper and timely development of the fields.

The Tribunal also set the date of “21 September 2015 to determine the consortium’s monetary claim against the KRG for outstanding unpaid invoices for the produced condensate and LPG, now totaling $1.943 billion as [at the end of] May 2015 as per the pricing methodology determined by the award.