NEWSOct 28, 2010 09:30 ET
Centric Energy Corp.: Update on Kenya Block 10BA
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 filedagainst the Kenyan Ministry of Energy relating to six explorationpermits granted by the Ministry, including the Company's PSC coveringBlock 10BA.
The hearing was held at the High Court in Kitale, Kenya, on October 27th,as scheduled. During the hearing the plaintiff, Interstate PetroleumLtd. ("IPL") (a private Kenyan company) requested additional time torespond to the replying affidavits that had been filed previously bythe interested parties, including the Company. The Court has thereforefixed a firm deadline for IPL to respond and has scheduled a newhearing on November 16th, 2010.
The Ministry of Energy has advised the Company that it cancarry on with its work program and that its PSC remains in goodstanding.
Alec Robinson, Centric Energy President & CEO, stated:"A deferral had been anticipated and we are pleased that a stricttimeline has been specified by the Court and a firm date set for thenext hearing. Centric Energy believes that there is no basis for theclaims that IPL is making against the Permanent Secretary, Ministry ofEnergy. We understand that both the Permanent Secretary and theMinistry of Energy share our view in that regard. The Company continuesto work closely with all interested parties to ensure that our interestin the Block is safeguarded, and to expedite resolution of this case."
ON BEHALF OF CENTRIC ENERGY CORP.
Alec Robinson, President and Chief Executive Officer