QOGT Quorum Oil &Gas

 

TIDMQOGT 
 
RNS Number : 0604P 
Quorum Oil and Gas Tech. Fund Ld 
08 July 2010 
 

  Not for release, publication or distribution in, or into, the United States, 
                          Canada, Australia or Japan. 
 
+------------------------------+------------------------------+ 
| Press Release                |                  8 July 2010 | 
+------------------------------+------------------------------+ 
 
                   Quorum Oil and Gas Technology Fund Limited 
 
                                (the "Company") 
 
                               Directorate Change 
 
Quorum Oil and Gas Technology Fund Limited (LSE:QOGT), a registered closed-ended 
investment company incorporated in Guernsey, announces that on 7 July 2010 Ms. 
Wanda Dorosz, the chief executive officer of the Quorum Funding Corporation, 
resigned her position as a non-executive director of the Company with immediate 
effect.  The Board would like to thank Ms. Dorosz for her contribution in the 
formation of the Company, its IPO and the subsequent identification and 
acquisition of its investment portfolio. 
 
The Board also announces that the Company received a letter dated 8 July 2010 
from counsel to QOGT Inc., a Canadian corporation that is one of the Company's 
former investment managers and which the Company understands is ultimately 
controlled by Ms. Dorosz.  The letter stated that they had been instructed by 
QOGT Inc. to give notice of its intention to issue proceedings for damages 
against the Company as a result of the termination of the investment management 
and advisory agreement dated 27 December 2007 (the "Former IMAA").  The letter 
alleged that the Company has repudiated the Former IMAA and stated that damages 
claimed would potentially include damages for failure to give 36 months' 
contractual notice to QOGT Inc. under the Former IMAA; compensation in respect 
of the damage to the Quorum Group's reputation; and associated legal costs. 
 
The Company's decision to terminate the Former IMAA between the Company, Sefton 
Partners LLP (formerly Quorum European Partners LLP) and QOGT Inc. (the "Former 
Investment Managers") was made after full consideration of its contractual 
rights and obligations in light of the factual position and with the interests 
of its shareholders as the paramount consideration.  The Former Investment 
Managers failed to demonstrate to the Company's reasonable satisfaction that 
they had re-established a proper working relationship and could work together 
constructively in the Company's best interests as required by the Former IMAA. 
Should QOGT Inc. decide to articulate claims against the Company, the Company 
will of course defend these and act consistently with its duties to shareholders 
in responding to those claims. 
 
                                    - Ends - 
 
For further information: 
+----------------------------------------+---------------------+ 
| Corporate Broker                       |                     | 
+----------------------------------------+---------------------+ 
| Numis Securities                       |                     | 
+----------------------------------------+---------------------+ 
| Nathan Brown, Corporate Broking        | Tel: +44 (0)20 7260 | 
|                                        |                1426 | 
+----------------------------------------+---------------------+ 
| n.brown@numiscorp.com                  |                     | 
+----------------------------------------+---------------------+ 
 
Media enquiries: 
+----------------------------------------+-------------------------+ 
| Abchurch                               |                         | 
+----------------------------------------+-------------------------+ 
| Henry Harrison-Topham                  |         Tel: +44 (0) 20 | 
|                                        |               7398 7702 | 
+----------------------------------------+-------------------------+ 
| henry.ht@abchurch-group.com            | www.abchurch-group.com  | 
+----------------------------------------+-------------------------+ 
 
Notes to editors: 
 
Quorum Oil and Gas Technology Fund Limited ("Q-OGT") is a registered 
closed-ended investment company incorporated in Guernsey to provide expansion 
capital to companies which own and/or are developing proven proprietary 
technology which may have a potentially significant effect on the oil and gas 
industry. Q-OGT was admitted to the Official List of the UK Listing Authority 
and to trading on the London Stock Exchange on 7 January 2008. Its stock market 
EPIC is QOGT.L. Further information can be found at www.q-ogtfund.com. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 BOABDGDRDUGBGGI 
 

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