IEC Europetrol plc.

IEC Europetrol Plc (IEC) was formed in 2004 to acquire the HEGOR technology and to develop new technologies including an innovative GPS (Global Positioning System) Well Head Control System. IEC sought to acquire licences and joint venture agreements for the recovery of oil from “depleted” wells. In 2008 the Company was in the process of acquiring a production licence for the recovery of up to 140 million barrels of oil from the Visoka oilfield in Albania when this valuable opportunity was diverted by the Company’s then CEO and another co-director, for their own benefit.

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Following their removal from the board in 2009, new directors were appointed and IEC commenced legal action to attempt to recover the Visoka Production Licence. This matter is now the subject of legal proceedings in the UK.

In 2011 IEC commenced a financial plan to raise additional equity capital by way of a stock exchange quotation for the Company’s shares on a recognised stock exchange. In October 2011, IEC and its directors received a claim issued in the High Court in England & Wales disputing ownership of the HEGOR technology. As a consequence of the claim IEC has had to suspend its financial plan pending the outcome of the litigation process.

The Directors consider the claim has no merit and this is supported by the Company’s legal representative who are vigorously defending the claim and have made substantial counterclaims.

For up to date information regarding the litigation process please see IEC’s webpage