Centric Energy Corp.: Kenyan Court Dismisses Legal Action
16 Diciembre 2010 - 11:45AM
Marketwired
Centric Energy Corp. ("Centric Energy" or "the Company") (TSX
VENTURE: CTE) is pleased to announce that the Kenyan High Court has
today issued a ruling which dismisses as "without merit" the
Application filed by Interstate Petroleum Ltd. against the Ministry
of Energy, Kenya, and has awarded all costs to the Ministry of
Energy, Centric Energy and others.
The Application was filed by Interstate Petroleum Ltd ("the
Applicant") against the Permanent Secretary, Kenyan Ministry of
Energy (the "Respondent") seeking a judicial review of the
administrative process that led to the issuance of exploration
permits in respect of six blocks in northwest Kenya, which included
the area of Centric Energy's Block 10BA Production Sharing
Contract. This Application resulted in Centric Energy, among
others, being named as an "Interested Party" to the proceedings. A
hearing was held at the High Court in Kitale, Kenya, on November
16th and today's ruling is the result of that hearing.
The High Court ruled against Interstate Petroleum on all points
and stated that the Application was "without merit". All costs were
awarded to the Respondent and the Interested Parties, including
Centric Energy. The Applicant has the right of appeal and if it
wishes to do so must file notice of appeal before the end of
January, 2011.
"Centric Energy is very pleased with the High Court ruling,
which comprehensively dismisses the Application of Interstate
Petroleum," stated Alec Robinson, Centric Energy's President &
CEO. "We will now be able to move forward more confidently with the
exploration programme in this area and with other pending business
matters."
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 Toll Free: +1
(800) 962-7189 or +44 207 222 8512 www.centricenergy.com
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