Centric Energy Corp.: Update on Kenya Block 10BA
Thu Oct 28, 9:30 AM
LONDON, ENGLAND--(Marketwire - Oct. 28, 2010) - Centric Energy Corp. ("Centric Energy" or "the Company") (TSX VENTURE: CTE.V) 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 theKenyan Ministry of Energy relating to six exploration permits grantedby the Ministry, including the Company's PSC covering Block 10BA.
The hearing was held at the High Court in Kitale, Kenya, on October27th, as scheduled. During the hearing the plaintiff, InterstatePetroleum Ltd. ("IPL") (a private Kenyan company) requested additionaltime to respond to the replying affidavits that had been filedpreviously by the interested parties, including the Company. The Courthas therefore fixed a firm deadline for IPL to respond and hasscheduled a new hearing on November 16th, 2010.
The Ministryof Energy has advised the Company that it can carry on with its workprogram and that its PSC remains in good standing.
AlecRobinson, Centric Energy President & CEO, stated: "A deferral hadbeen anticipated and we are pleased that a strict time line has beenspecified by the Court and a firm date set for the next hearing.Centric Energy believes that there is no basis for the claims that IPLis making against the Permanent Secretary, Ministry of Energy. Weunderstand that both the Permanent Secretary and the Ministry of Energyshare our view in that regard. The Company continues to work closelywith all interested parties to ensure that our interest in the Block issafeguarded, and to expedite resolution of this case."