SHELL U.K. LTD. AND ANOTHER v. ENTERPRISE OIL PLC AND OTHERS

[1999] 2 Lloyd's Rep. 456

CHANCERY DIVISION

Before Mr. Justice Lloyd

Contract - Oil exploration licence - Equity redetermination - Expert’s decision - Agreement under which oil worked on behalf of all licensees of Nelson field - Ownership interests reflected by participation in proceeds in given proportions - Redetermination of proportions at three separate stages - Failure to agree at second stage - Matter referred to expert - Whether expert failed to comply with obligations and original determination not of any contractual relevance or effect.