Centric Energy Corp.: Update on Kenya Block 10BA
28.10.2010 | Marketwired
LONDON, ENGLAND -- (Marketwire - Oct. 28, 2010) - Centric Energy Corp. ("Centric Energy" or "the Company") (TSX VENTURE: CTE) provides an update on the Kenyan Court proceedings announced in its news release dated September 28th, 2010.The proceedings concern a judicial review application filed against the Kenyan Ministry of Energy relating to six exploration permits granted by the Ministry, including the Company's PSC covering Block 10BA.
The hearing was held at the High Court in Kitale, Kenya, on October 27th, as scheduled. During the hearing the plaintiff, Interstate Petroleum Ltd. ("IPL") (a private Kenyan company) requested additional time to respond to the replying affidavits that had been filed previously by the interested parties, including the Company. The Court has therefore fixed a firm deadline for IPL to respond and has scheduled a new hearing on November 16th, 2010.
The Ministry of Energy has advised the Company that it can carry on with its work program and that its PSC remains in good standing.
Alec Robinson, Centric Energy President & CEO, stated: "A deferral had been anticipated and we are pleased that a strict timeline has been specified by the Court and a firm date set for the next hearing. Centric Energy believes that there is no basis for the claims that IPL is making against the Permanent Secretary, Ministry of Energy. We understand that both the Permanent Secretary and the Ministry of Energy share our view in that regard. The Company continues to work closely with all interested parties to ensure that our interest in the Block is safeguarded, and to expedite resolution of this case."
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.
For more information, please contact
Centric Energy Corp.
Alec E. Robinson
Toll Free: +1 (800) 962-7189 or +44 207 222 8512
www.centricenergy.com
