Nordic Petroleum AS has granted Mercom Oil Sand Plc. several extensions for completion of the Sales and Purchase Agreement. The last extension period expired October 31st 2012. Mercom Oil Sands Plc. asked for a further extension, and was offered an extension agreement with various options. The offer was given with an acceptance deadline Friday November 9th 16:00 hrs CET. Mercom Oil Sands Plc has failed to respond to the offer within the deadline. Mercom Oil Sands Plc is, hence, in breach of contract. Nordic Petroleum AS and its subsidiaries will take the required legal steps to protect their position.
Nordic Petroleum will immediately implement actions in order to ensure that work on the Chard lease may be progressed.
Fredrikstad, Norway 12.11.2012
Nordic Petroleum AS
Further enquiries, please call Arild Tolfsen
Mobile : +47 93 09 98 59
E-mail : email@example.com