Centric Energy Corp.: Exploration Stay Order Lifted on Kenya Block 10BA
17 11월 2010 - 12:25AM
Marketwired
Centric Energy Corp. ("Centric Energy" or "the Company") (TSX
VENTURE: CTE) is pleased to announce that the Kenyan High Court has
agreed, subject to certain conditions, to lift the Stay Order which
had halted exploration activity on the Company's Block 10BA in
northwest Kenya.
A scheduled hearing was held at the High Court in Kitale, Kenya,
on November 16th. The proceedings concern an application filed by
Interstate Petroleum Ltd ("the Applicant") against the Permanent
Secretary, Kenyan Ministry of Energy seeking a judicial review of
the administrative process that led to the issuance of alleged
exploration permits in respect of six blocks in northwest Kenya. In
actual fact the Ministry had granted six petroleum agreements
including the Company's PSC covering Block 10BA. This Application
resulted in Centric Energy, among others, being named as an
"interested party" to the proceedings.
The result of the hearing on November 16th is that the Court has
agreed to lift the previously-granted Stay Order which had been
halting exploration on Block 10BA subject to the Company agreeing
to compensate the Applicant for any resulting loss it may incur.
The Court has set a date of December 16th, 2010, for issuing a
final ruling on the case.
The Ministry of Energy has previously advised the Company that
it can carry on with its work program and that its PSC remains in
good standing.
"Centric Energy is very pleased that the Stay Order is being
lifted so that exploration activity will be able to continue. We
look forward to having this matter finally resolved on December
16th, 2010," stated Alec Robinson, Centric Energy President &
CEO. "We believe that there is no basis for the claims that IPL is
making against the Permanent Secretary, Ministry of Energy, and
understand that both the Permanent Secretary and the Ministry of
Energy share this view."
ON BEHALF OF CENTRIC ENERGY CORP.
Alec Robinson, President and Chief Executive Officer
This News Release does not constitute an offer to sell or a
solicitation of an offer to sell any securities in the United
States. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to a U.S. Person unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Centric Energy Corp. Alec E. Robinson +44 207 222 8512
or Toll Free: +1 (800) 962-7189 www.CentricEnergy.com
Centric Energy Corp. (TSXV:CTE)
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