Centric Energy-Mali Exploration Update
07 Dicembre 2009 - 3:30PM
Marketwired
Centric Energy Corp. (TSX VENTURE: CTE) wishes to provide an update
of exploration plans for its licences in Mali, west Africa.
Centric Energy holds a 25 per cent interest in Blocks 7 and 11
in eastern Mali; the remaining 75 per cent is held by wholly-owned
subsidiaries of Heritage Oil PLC (LSE: HOIL; TSX: HOC), which
operates both licences after farming-in during 2008. Under the
terms of the farm-in, Centric Energy is carried through the 2D
seismic work programme over both Blocks and the first exploratory
well.
The Blocks have a total area of 72,000 square kilometres
(approximately 18 million acres) and are located in the Gao graben,
a Mesozoic-age rift basin with up to 15,000 feet of Cretaceous-age
sediments. The rift basin is well-defined by the interpretation of
high-resolution aeromagnetic survey flown by Centric Energy in late
2007, totalling 42,000 kilometres of flight lines, supported by
1976-vintage seismic data. Opportunities for hydrocarbon
accumulations in African rift basins have been proven with
discoveries such as those in the Agadem block in Niger; the
Albertine graben in Uganda, where Heritage Oil has discovered major
quantities of oil; and Chad, which has oil production of up to
200,000 barrels per day from the Doba basin.
The planned exploration activities in Mali for 2010 includes the
acquisition, processing and interpretation of up to 354 kilometres
of 2D seismic data in Block 11 and a firm budget of up to US$8.9
million (approximately C$9.4 million). The partnership is also
considering continuing the seismic acquisition into Block 7. The
start of acquisition is expected to be approximately mid-year 2010,
after preliminary reconnaissance and fieldwork. It is expected that
the interpretation of the seismic data will lead to the development
of prospects for subsequent drilling.
Alec Robinson, President and CEO says:
"With these firm plans for acquisition of new seismic data in
Mali, next year will be an exciting time for our exploration
programme, with the potential to lead to exploration drilling in
these Blocks in the following year. Centric Energy looks forward to
working closely with our partner, Heritage Oil, on the continuing
exploration of the Gao graben in Mali."
Centric Energy 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.
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 Energy Corp'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 resonsibility 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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