Africa Hydrocarbons updates Status of Bouhajla Farmout Agreement
CALGARY, May 30, 2012 /CNW/ - Africa Hydrocarbons Inc ("AHI" or "the Company") (TSX-V: "NFK") announces today that it is in on-going discussions with Dualex Energy International Inc. ("DualEx"), regarding the payment of the second installment of the Earning Funds pursuant to the Amended Farmout Agreement dated November 2, 2011, related to the Bouhajla Permit, onshore Tunisia.
As announced on May 10, 2012, AHI agreed to make payment of the Earning Funds, in the amount of US $5.25 million, on May 29, 2012. Notwithstanding, AHI and DualEx are working together to finalize the timing of this payment and anticipate concluding these discussions in the next few days. As well, all parties involved are confidently and diligently working on a best efforts basis toward a timely completion of the Company's previously announced financing.
About the Company
Africa Hydrocarbons Inc. is a Canadian based oil and natural gas company involved in the acquisition, exploration and development of oil and natural gas properties.
Forward-Looking Statements
Certain information set forth in this press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management's control, including the receipt of third party approvals, including shareholder and regulatory approvals, the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve or resource estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources.
Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. No assurance can be given that any of the events anticipated will transpire or occur, or if any of them do so, what benefits will derive from them. Except as required by applicable securities laws, AHI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This press release, required by applicable Canadian laws, is not for distribution to U.S. News services or for dissemination in the United States, and does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. Persons unless registered or exempt therefrom.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.
ON BEHALF OF THE BOARD OF
AFRICA HYDROCARBONS INC.
"John Nelson"
CEO
For further information:
Suite 3000 Royal Centre, P.O. Box 11130
1055 West Georgia Street, Vancouver, British Columbia V6E 3R3
Tel: (403) 774-7225
Web Site: http://www.africahydrocarbons.com/
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