Adelaide Petroleum NL v Poseidon Ltd

The applicants, Adelaide Petroleum NL and others, sued Poseidon Ltd and others for misleading or deceptive conduct in trade or commerce under the Trade Practices Act 1974 and for damages for breach of contract. The applicants claimed damages for the loss of the benefit they would have obtained from an alternative transaction with Pagini Resources NL. The respondents denied the claims and cross-claimed for damages for the applicants' repudiation of the contract. Justice French found that the respondents had engaged in misleading or deceptive conduct, and that the applicants were entitled to damages for loss of the opportunity to enter the Pagini transaction. The respondents were found liable to pay damages to the applicants in the amounts specified. The contract claim and cross-claim were dismissed. The Court ordered that the parties file written submissions on the appropriate costs orders and payment of stamp duty and fines in relation to the Heads of Agreement.