Centric Energy Corp. (CTE:CA)

Centric Energy Closes Farmout of Kenya Block 10BA to Tullow Oil (Click to view)

Centric Energy Corp. is an independent oil & gas exploration company, head-quartered in London, listed in Toronto (TSX.V-CTE) with a focus on hydrocarbon exploration and production opportunities in sub-Saharan Africa.

Centric holds 22 mm gross acres, 8.5 mm net, and has current licences in Kenya and Mali. Centric looks for new-entry opportunities in areas where there is evidence of hydrocarbons, in countries which have favorable commercial terms and accept direct applications for exploration acreage. It gains leverage and reduces its financial exposure by working with strategic partners. The deeply-experienced management team, led by President & CEO Alec Robinson, has extensive international experience of working with host governments and partners to achieve mutually-beneficial project results.

Operations

Centric Energy is present in Kenya and Mali and is focusing on Africa for future opportunities.

The company is committed to developing its current interests and is engaged in seeking new-entry opportunities on the African continent.

In Kenya, we have executed the definitive farm-in and joint operating agreements whereby Tullow Oil PLC will farm-in to a 50 per cent participating interest in Centric Energy's 100 per cent owned Production Sharing Contract covering Block 10BA in north-west of the country. The closing of the farm-in is conditional upon the approval of the Kenyan Government and satisfaction of conditions precedent. Centric continues with exploration work while the approval is in process .

In Mali, the start-up of 2D seismic acquisition and interpretation will commence in the second half of 2010.

explore Kenya project
explore Mali project