Aegean Oil Field Royalties

Oceanic Exploration Company won a trial judgement for $6. 1 million U. S. against Denison Mines Limited, in a case turning on whether Oceanic’s royalty paid from Denison’s interest in an oil field in the Aegean Sea was reduced as a result of amendments in the underlying concession agreement between Denison and its partners, and the Greek State. The Ontario Court of Appeal heard Denison’s appeal in June, 1999 and its decision at the time of writing is under reserve.

Oceanic was represented at trial and appeal by Joseph Steiner and Donald Hanna at Osler, Hoskin & Harcourt. The Denison brief has passed through many distinguished hands. The case was initially handled by Earl Cherniak, Q. C. , and Mary Anne Sanderson (since appointed to the Ontario Superior Court) of Lerner & Assoicates. Denison was represented at trial by Colin Irving, counsel to Lerners. The appeal brief made short stops with W. Ian Binnie, Q. C. , (since appointed to the Supreme Court of Canada) and Dennis O’Connor, Q. C. , (since appointed to the Ontario Court of Appeal). The Denison appeal ultimately was argued by Robert Armstrong, Q. C. , recently appointed Treasurer of the Law Society of Upper Canada, and Jane Bailey of Tory Tory DesLauriers & Binnington.