ST. HELIER, Jersey, March 19, 2015 /CNW/ - EastSiberian Plc (TSXV NEX: ESB.H) ("EastSiberian" or the "Corporation"), a Jersey company, announces that it has signed a cooperation agreement (a letter of intent) with Empresa Nicaraguense del Petróleo, the Nicaraguan national oil company ("Petronic") with the intention of finding ways to cooperate in oil and gas activities in Nicaragua.
The consortium (EastSiberian and Petronic) intends to submit a request to the Nicaraguan Ministry of Energy and Mines (MEM) for approval of the EastSiberian group of companies as a qualified exploration and exploitation contractor in Nicaragua and thereafter to submit a request to MEM for approval to start exclusive negotiations for concession contracts. This is an early phase, but a first step towards possible exploration activities in Nicaragua.
Mr. Phipps, the President of the Corporation, stated that he was "very pleased to have achieved this important first milestone in its efforts to obtain oil concessions in Nicaragua and looks forward to working with Petronic".
EastSiberian is an international junior oil exploration company incorporated in the Bailiwick of Jersey. For further information, please visit the EastSiberian Plc website at www.eastsiberianplc.com. The common shares of the Corporation are currently listed on the NEX.
As previously announced, the common shares of EastSiberian are currently halted from trading on the NEX at the request of the Corporation. The common shares will remain halted until the Corporation completes a third-party engineering review of the Nicaraguan oil and gas concessions and releases this to shareholders.
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 release.
Advisory Regarding Forward-Looking Statements
This press release contains certain forward-looking statements and forward-looking information (collectively referred to as "forward looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking information typically contains statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release include references to the intention to file a request to MEM for approval of EastSiberian group of companies as a qualified exploration and exploitation contractor in Nicaragua and for approval to start exclusive negotiations for concession contracts.
Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized and in particular, that EastSiberian will become a qualified exploration and exploitation contractor in Nicaragua, successfully conclude negotiations for concession contracts or engage in exploration activities in Nicaragua. Actual results will differ, and the difference may be material and adverse to EastSiberian and its shareholders.
The forward-looking statements contained in this press release are made as of the date hereof and EastSiberian does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
SOURCE EastSiberian Plc
For further information: EastSiberian Plc: Graeme Phipps, President, 9 Esplanade, St. Helier, Jersey, Tel: +44 7733 363 016 or +1 403 630 2367, Email: [email protected]