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30 Dec 2010
Update re Acquisition
The Company announces that, whilst the Renewal has today been verbally granted by the Department of Petroleum Resources of the Nigerian Ministry of Petroleum Resources (“DPR”), documentary evidence of the Renewal has not been received by the Company and its advisers within the timeframe agreed with the Company’s proposed equity funders (the “Investors”). Accordingly, the Company and its advisers are communicating with the Investors and the Company is confident that it will be in receipt of the Renewal within the coming days.
The Board is keen to reiterate its sincere thanks to Shareholders and to the Investors for their continuing patience in extremely testing circumstances and also seeks to confirm, once again, that the Company continues to do all it can to obtain the Renewal within the shortest possible timeframe.
Capitalised terms in this announcement carry the same meaning as defined within the admission document, as sent to Shareholders on 13 October 2010, unless the context requires otherwise.