The High Court yesterday gave lawyers for the court-appointed interim examiner to Tuskar Resources plc 24 hours to study an affidavit submitted on behalf of Tuskar's Nigerian partner in an offshore oilfield.
Mr Jason Sheehy was appointed an interim examiner earlier this month after the High Court was told the company had cash-flow problems due to a dispute with its Nigerian partner, Cavenendish Petroleum Nigeria Ltd. Mr Eugene R. Manson, a Tuskar director, told the earlier hearing the principal cause of the financial crisis was Tuskar's inability to off-load oil production stemming from its dispute with Cavendish.
Tuskar's board asked for the appointment of Mr Sheehy as they believed his appointment would facilitate Tuskar's survival as a going concern.
Yesterday, Mr Lyndon MacCann, for Mr Sheehy, told Mr Justice McCracken they had received an affidavit from a director of Cavendish. There was also some other matters which might be material to whether the company might pass the "reasonable prospect of survival" test.
Mr John Gordon SC, on behalf of Green Sea, which is claiming to be owed $11 million US dollars and which has issued a petition for the winding up of Tuskar, said he had also received documents including an up-to-date report from Mr Sheehy. These contained matters to which his clients might wish to respond. The Cavendish affidavit seemed to him to go "to the heart of the whole application".
A number of lawyers representing other creditors agreed to a one-day adjournment of proceedings relating to Tuskar and Mr Justice McCracken put the matter in for a further hearing later today.
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