One of our two partners in the Carmangay project, Zargon Oil & Gas Ltd., has decided to let the lease expire. Zargon holds the legal rights to the lease and they have decided to focus on their other projects. The Skyway Joint Venture project is thus terminated.
When the lease is surrendered, the authorities will after a while put it up for auction. When this happens we have the possibility to bid for the entire lease.
The lease expiry will only have a limited balance sheet impact.
Fredrikstad, Norway 22.11.2012
Nordic Petroleum AS
Further enquiries, please call Arild Tolfsen
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