Excalibur Ventures LLC v Texas Keystone Inc. and others

Contract – Damages for breach. The claimant claimed to have entered into a collaboration agreement with the defendants which entitled it to an interest in four large oilfields in Iraqi Kurdistan. It claimed specific performance, or alternatively damages of more than $1.6bn on various different contractual and non-contractual grounds. Gulf Keystone, and two of its subsidiaries, which were also defendants, denied that they were parties to the collaboration agreement; and all of the defendants denied any liability to Excalibur. The Commercial Court gave judgment in the dispute in favour of the defendants.

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