Africa Oil Corp (C:AOI)
Shares Issued 99,700,307
Last Close 11/15/2010 $2.03
Tuesday November 16 2010 - News Release
Mr. Keith Hill reports
AFRICA OIL PROVIDES UPDATE OF COURT PROCEEDINGS
Africa Oil Corp. has provided an update on the application for a judicial review of the administrative process that resulted in the issuance of exploration permits for, amongst others, blocks 10BB, 12A and 13T (see also the company's news in Stockwatch Oct. 28, 2010). The application was made by Interstate Petroleum Ltd. against the permanent secretary, Ministry for Energy in Kenya, and included the company as an interested party.
The High Court in Kitale, Kenya, heard the submissions of the parties on Nov. 16, 2010, and will issue a final ruling on the case on Dec. 16, 2010. In the interim, the stay order that had initially been imposed on operations under the exploration permits was lifted.
Keith Hill, the company's president, stated, "We are advised that the court proceedings went very well. We had requested an early resolution of the matter and are extremely optimistic that the Dec. 16 ruling will dismiss Interstate's application."
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