On 10 September 2013, after a five month trial, Mr Justice Christopher Clarke handed down  a summary of his judgment in Excalibur Ventures v. Texas Keystone & Ors.

In what was described by The Lawyer as “one of the biggest trials of the year”, Excalibur claimed an interest in rights to exploit and develop petroleum fields in Iraqi Kurdistan granted to Texas Keystone and Gulf Keystone by the Kurdistan Regional Government. Excalibur alleged that, pursuant to a Collaboration Agreement between Excalibur and Texas Keystone and (on Excalibur’s case) the Gulf Defendants, it was entitled to a third share of the rights held by the Defendants and claimed that its failure to acquire these rights was the result of breaches of duty by the Defendants. The claim was for more than $1.7 billion.

The trial commenced on 8 October 2012 and finished on 1 March 2013.

The Judge dismissed all Excalibur’s claims against Texas Keystone and the Gulf Defendants (comprising sixteen different causes of action under New York and English law). Read a summary of the Judge’s decision. The full Judgment will be handed down at a later date.

Michael Crane QCTamara Oppenheimer and Richard Power, instructed by Jones Day, acted for Texas Keystone.