Mozambique Channel Discovery Ltd

August 06, 2012 01:00 ET

Government of the Union of Comoros and Mozambique Channel Discovery Ltd: Notice Concerning Comoros Oil and Gas Exploration and Technical Assistance Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 6, 2012) - Further to the press release of 6 June 2012 (copy annexed for information), the Government of the Union of Comoros and Mozambique Channel Discovery Ltd (MCD) are pleased to announce that following lengthy discussions, an Amendment Agreement has been signed with Government that provides for the sharing of access to newly acquired seismic data by Government, following recovery of all acquisition costs by MCD. A further commitment concerning the provision of regular operational updates to Government is contained within the Amendment Agreement. No further changes have been made to the original 6th November 2011 Oil and Gas Exploration and Technical Assistance Agreement, which remains in full force and effect.

MCD is very pleased to have successfully concluded discussions with Government and now looks forward to advancing this exciting project as quickly as possible through acquisition and interpretation of new seismic data.

NOTICE CONCERNING COMOROS OIL AND GAS EXPLORATION AND TECHNICAL ASSISTANCE AGREEMENT

On the 6th November 2011 the Government of the Union of the Comoros ("Comoros") and Boulle Mining Group Ltd ("BMG") entered into an Oil and Gas Exploration and Technical Assistance Agreement (the "Agreement") the terms of which apply throughout the territorial waters of Comoros and confer rights to BMG to explore for hydrocarbons throughout the territorial waters and to acquire up to six blocks located anywhere within the territorial waters for a period of ten years from the date of signature of the Agreement and prior to any blocks being offered to any third party.

On the 21st March 2012, BMG assigned all of its rights and obligations under the Agreement to a subsidiary company, Mozambique Channel Discovery Ltd.

Contact Information

  • Mrs. Audrey Richardson
    +352 222 512
    352 222 413 (FAX)