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Gold/Mining/Energy : VELO ENERGY INC VLO
VLO 164.47-0.2%Dec 24 4:00 PM EST
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From: bcjt1/6/2010 10:13:55 AM
   of 4
 
Velo Energy Inc
Symbol VLO
Shares Issued 66,608,888
Close 2010-01-05 C$ 0.55
Recent Sedar Documents



Velo Energy does not receive consent for transfer

2010-01-06 07:52 MT - News Release

Mr. Arthur Millholland reports

UK REGULATOR REFUSES CONSENT TO TRANSFER OF OFFSHORE LICENSES TO VELO ENERGY

Velo Energy Inc. has confirmed that the United Kingdom Department of Energy and Climate Change has refused to consent to the proposed transfer to Velo's wholly owned subsidiary, North Sea Oil Exploration Ltd., of certain interests in the Caledonia, Sheryl and Catcher blocks in U.K. North Sea.

Under U.K. regulations, the department must consent to any proposed transfer of interests in licences. It has advised the company that it has not formed a view on Velo's financial capacity, but is not satisfied with several aspects of the company, including its technical capacity and its corporate structure in relation to the specific needs for operating in the U.K. offshore basin. The department indicated that it is willing to discuss the reasons for its decision and possible remedies for its concerns with Velo. Meetings with the department are being arranged by Velo to address these concerns, and are expected to occur later this week and/or early next week.

We seek Safe Harbor.



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