I. PROCEDURAL HISTORY

I. On March 21 , 2011 , the International Centre for Settlement of Investment Disputes ("ICSID" or the " Centre") received an Application for Annulment and a request for a stay of enforcement of the award rendered on November 24, 2010 in the arbitration proceeding of Nations Energy, Inc. and others v. Republic of Panama (ICSID Case No. ARB/06119). The application and the request were brought by Nations Energy Corporation, Electric Machinery Enterprises Inc. , and Mr. Jaime Jurado (the " Applicants") against the Republic of Panama (the " Respondent" or " Panama").

2. On April 1, 2011 , the Centre registered the Application for Annulment pursuant to Arbitration Rule 50(2)(a). It also informed the parties of the provisional stay of enforcement of the award pursuant to Arbitration Rule 54(2).

3. On May 9, 20 11 , the ad hoc Committee was constituted in accordance with Arbitration Rule 52(2) as follows : Mr. Stanimir A. Alexandrov (Bulgarian), President; Mr. Jaime C. Iramizabal (Chilean); and Mr. Fernando Mantilla-Serrano (Colombian).

4. On May 12, 20 II , Panama filed a Request for Provisional Measures pursuant to Article 47 of the Convention and Arbitration Rule 39.