Great NewsNov 16, 2010 10:25 ET
Centric Energy Corp.: Exploration Stay Order Lifted on Kenya Block 10BA
LONDON, ENGLAND--(Marketwire - Nov. 16, 2010) - Centric Energy Corp. ("Centric Energy" or "the Company") (TSX VENTURE:CTE)is pleased to announce that the Kenyan High Court has agreed, subjectto certain conditions, to lift the Stay Order which had haltedexploration 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 PetroleumLtd ("the Applicant") against the Permanent Secretary, Kenyan Ministryof Energy seeking a judicial review of the administrative process thatled to the issuance of alleged exploration permits in respect of sixblocks in northwest Kenya. In actual fact the Ministry had granted sixpetroleum agreements including the Company's PSC covering Block 10BA.This Application resulted in Centric Energy, among others, being namedas an "interested party" to the proceedings.
The result of the hearing on November 16th isthat the Court has agreed to lift the previously-granted Stay Orderwhich had been halting exploration on Block 10BA subject to the Companyagreeing to compensate the Applicant for any resulting loss it mayincur. 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 Companythat it can carry on with its work program and that its PSC remains ingood standing.
"Centric Energy is very pleased that the Stay Order isbeing lifted so that exploration activity will be able to continue. Welook forward to having this matter finally resolved on December 16th,2010," stated Alec Robinson, Centric Energy President & CEO. "Webelieve that there is no basis for the claims that IPL is makingagainst the Permanent Secretary, Ministry of Energy, and understandthat both the Permanent Secretary and the Ministry of Energy share thisview."
ON BEHALF OF CENTRIC ENERGY CORP.
Alec Robinson, President and Chief Executive Officer