Centric Energy Update
05 Agosto 2009 - 3:30PM
Marketwired
Centric Energy Corp. (TSX VENTURE: CTE) wishes to provide investors
with an update on its activities.
- Monthly overheads cut by 70 per cent.
- Sustainable cash position of C$2.4 million.
- Mali exploration proceeding.
- Six license applications in process in West African
countries.
- Well-positioned in other sub-Saharan countries.
Centric is focused on acquiring significant oil and gas
opportunities with established partners in sub-Saharan Africa
within the context of a balanced portfolio, while maintaining costs
at a low level.
Expenditures are being minimized so far as possible in order to
preserve cash for the purposes of project evaluation and prospect
generation. Monthly overhead expenditures have been cut by
approximately 70 per cent over the past 12 months by reducing
spending wherever possible, allowing Centric to continue to pursue
new opportunities.
Mali:
The operator of our Mali Blocks 7 and 11, Heritage Oil PLC (LSE:
HOIL), is now in discussions with seismic contractors with a view
to acquiring seismic data during the coming winter. The Blocks,
which were licensed by Centric in 2006 and 2007, have a total area
of 72,000 sq km, the size of 290 UK North Sea blocks. Geologically,
they are located in the Mesozoic-age Gao graben in eastern Mali.
This is part of a geological rift system that has proven to be oil
bearing in other parts of Africa.
Existing seismic data acquired in 1974 are old and of poor
quality. Nevertheless they show that the Gao graben has at least
15,000 feet of Mesozoic section. The new seismic will define
prospects for exploration drilling during 2010. Centric retains a
25 percent working interest in the two Blocks, and is carried on
all costs through the seismic programme and the first exploratory
well.
New Opportunities:
Over the past 12 months Centric has undertaken a comprehensive
review of sub-Saharan exploration opportunities and created
excellent local contacts with industry leaders and governments. The
result of these efforts is that we presently have six viable
applications for oil and gas concessions in process in strategic
countries in sub-Saharan Africa, as discussed below.
Four recent license applications have been submitted and are
being processed for areas in west Africa, onshore and offshore,
which are either adjacent to earlier discoveries or which have
prior discoveries within the application area. In each case,
Centric has local partners who provide the local content and
cultural ties that are so important. In some of these applications,
Centric also has an international partner which brings additional
financial strength and industry expertise. Negotiations with the
host governments are progressing. Although it is not possible to
predict how long the negotiations might take, our expectation is
that some of these licenses will be signed during 2009.
In addition Centric has two license applications, submitted
during 2008, which are still being processed. These are progressing
slowly due to local situations in the host countries, and in each
case no final decision has been made. Through its local partners
Centric is maintaining contact with the host governments and
working hard to progress these applications.
Work is continuing in other sub-Saharan countries where Centric
is reviewing data and preparing to submit license applications.
In addition to these opportunities, Centric is reviewing
low-cost developmental or near-term production plays that will
enable it both to establish an operational base and to generate
revenues which will supplement its cash in hand, whilst its
longer-term, sub-Saharan projects are progressed. Although these
opportunities may be outside our core area of sub-Saharan Africa,
the intent is to provide some financial stability and core
activities that will help with license applications in Africa.
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.
Forward-Looking Statements:
Statements in this release that are forward-looking statements
are subject to various risks and uncertainties concerning the
specific factors identified in Centric's periodic filings with
Canadian Securities Regulators. Such forward-looking information
represents management's best judgment based on information
currently available. No forward-looking statement can be guaranteed
and actual future results may vary materially. Centric Energy Corp.
does not assume the obligation to update any forward-looking
statement except as required by applicable securities laws.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Centric Energy Corp. Alec E. Robinson President and
Chief Executive Officer Toll Free: +1 (800) 962-7189 or: +44 207
222 8512 www.centricenergy.com
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