MENA Hydrocarbons announces expiry of the agreement to acquire offshore development lease

Tuesday, January 3, 2012
  • MENA Hydrocarbons acquires 55 percent participating interest in offshore development lease expired December 31, 2011.

MENA Hydrocarbons Inc. announces that the agreement to acquire a 55 percent participating interest in an offshore development lease located 60km off the Mediterranean coast of Egypt expired December 31, 2011, the deadline date for obtaining consent from the Egyptian General Petroleum Company to the assignment. Graham Lyon, President & Chief Executive Officer of MENA, commented that "While it is disappointing the vendor was unable to attain the assignment within the time permitted, MENA continues to seek value creating acquisitions and has several attractive opportunities under review."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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