Sentry Petroleum Enters into Conditional Agreement to Acquire Kyrgyzstan Exploration Interests
Source: www.gulfoilandgas.com 4/11/2008, Location: Asia
Sentry Petroleum announced that it has entered into a conditional joint venture agreement with Monitor Energy Limited pursuant to Monitor Energy's petroleum exploration licenses in Kyrgyzstan. The company advises that the agreement is conditional on a 90 day financing due diligence provision. At any time prior to the expiration of the 90 day period Sentry may choose not to proceed with the agreement. All obligations and interests contained therein are not enforceable by and between the parties until the expiration of the 90 day period or Sentry's waiver of the termination clause.
Speaking on the agreement Sentry Petroleum CEO Alan Hart advised, "I stress that the agreement is conditional. We are confident that the investment community will favourably endorse the opportunity and support what we view as a significant potential addition to our rapidly evolving oil and gas portfolio."
Speaking on the potential of Kyrgyzstan, Sentry Petroleum President Raj Rajeswaran commented, "The country of Kyrgyzstan is still largely unexplored for petroleum and sits surrounded by a vast oil and gas region. If the agreement is consummated it will provide Sentry with significant exploration potential. We expect to affirm our obligations within the 90 day provision period."