Centric Energy Corp. ("Centric Energy" or "the Company") (TSX
VENTURE: CTE) is pleased to advise that the Company and Tullow
Kenya B.V. ("Tullow") (LSE: TLW) have closed the farm-in agreement
whereby Tullow is farming-in to a 50 per cent participating
interest in Centric Energy (Kenya)'s 100 per cent owned Production
Sharing Contract covering Block 10BA in north-western Kenya (the
"PSC").
Tullow has paid a closing consideration of US$961,000 in respect
of estimated historic costs related to acquisition of the PSC and
exploration of Block 10BA, subject to a post-closing audit. Tullow
will also fund 80 per cent of future joint venture expenditures in
the Block until total spending reaches US$30 million, after which
Centric Energy will be responsible for its working interest share
of future costs.
Pursuant to the farmout, Tullow will also assume operatorship of
the Block.
Block 10BA is strategically located within the East African Rift
System which is enjoying increasing exploration interest and
significant recent success, most notably in the Albertine rift in
Uganda, 660 km to the west, which is considered to be the closest
geological analog to the Tertiary basins underlying Block 10BA
(source: Gustavson Associates, "Resource Evaluation Report, Centric
Energy Corporation, Kenya Block 10BA", dated January 1, 2010).
Major volumes of hydrocarbons have been discovered by Tullow Oil in
the Albertine rift, currently estimated (P50) to be approximately
1000 million barrels of oil as stated in Tullow's half yearly
report dated August 2010. The referenced report by Gustavson
Associates estimates the P50 unrisked prospective resources (1) of
Block 10BA to be 2.2 billion BOE (2).
"We are very pleased to be working with Tullow on the
exploration of Block 10BA," says Alec Robinson, Centric Energy's
President and CEO. "Tullow's technical expertise, and their
experience in the successful exploration of the analogous Albertine
basin, will ensure that Block 10BA is explored in the most rigorous
manner. Tullow's outstanding record of environmental stewardship in
Lake Albert will also mean that the environmentally-sensitive Lake
Turkana will be safeguarded."
ON BEHALF OF CENTRIC ENERGY CORP.
Alec Robinson, President and Chief Executive Officer
(1) Prospective resources are defined as "those quantities of
oil and gas estimated on a given date to be potentially recoverable
from undiscovered accumulations. They are technically viable and
economic to recover." Note that the estimated prospective resources
disclosed in this news release could be oil or gas and that the
estimate does not include consideration for the risk of failure in
exploring for these resources. There is no certainty that any
portion of the resources will be discovered. If discovered, there
is no certainty that it will be commercially viable to produce any
portion of the resources.
(2) BOEs may be misleading, particularly if used in isolation. A
BOE conversion ratio of 6 MCF : 1 bbl is based on energy
equivalency conversion method primarily applicable at the burner
tip and does not represent value equivalency at the wellhead.
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.
FORWARD-LOOKING STATEMENTS
Certain statements made and information contained herein
constitute "forward-looking information" (within the meaning of
applicable Canadian securities legislation). Such statements and
information (together, "forward looking statements") relate to
future events or the Company's future performance, business
prospects or opportunities. Forward-looking statements include, but
are not limited to, statements with respect to estimates of
reserves and or resources, future production levels, future capital
expenditures and their allocation to exploration and development
activities, future drilling and other exploration and development
activities, ultimate recovery of reserves or resources and dates by
which certain areas will be explored, developed or reach expected
operating capacity, that are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of
management.
All statements other than statements of historical fact may be
forward-looking statements. Statements concerning proven and
probable reserves and resource estimates may also be deemed to
constitute forward-looking statements and reflect conclusions that
are based on certain assumptions that the reserves and resources
can be economically exploited. Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, using words or
phrases such as "seek", "anticipate", "plan", "continue",
"estimate", "expect, "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe" and similar expressions) are not statements of historical
fact and may be "forward-looking statements". Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. The Company believes that the expectations reflected in
those forward-looking statements are reasonable, but no assurance
can be given that these expectations will prove to be correct and
such forward-looking statements should not be unduly relied
upon.
The Company does not intend, and does not assume any obligation,
to update these forward-looking statements, except as required by
applicable laws. These forward-looking statements involve risks and
uncertainties relating to, among other things, changes in oil
prices, results of exploration and development activities,
uninsured risks, regulatory changes, defects in title, availability
of materials and equipment, timeliness of government or other
regulatory approvals, actual performance of facilities,
availability of financing on reasonable terms, availability of
third party service providers, equipment and processes relative to
specifications and expectations and unanticipated environmental
impacts on operations. Actual results may differ materially from
those expressed or implied by such forward-looking statements.
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 Mobile: +44 (0)793 040 5550
www.centricenergy.com
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