Canada’s Naftex Energy Corporation and its wholly-owned subsidiary Coplex Egypt have announced the final closing date of the agreement they have entered into with Luloil International (Cyprus), Vanguard Oil Corporation and Cabre Exploration (Cyprus), pursuant to which Coplex Egypt will sell all of its interests in the West Esh Al-Mallaha area concession in Egypt to Cabre, has been extended to October 1, 2002.
The completion of the transaction is now subject only to certain conditions, including receipt of all necessary Egyptian governmental approvals. As of to date all Egyptian governmental approvals are not yet in place. The delays are, as the parties are informed, due to technical reasons only and were incurred prior to the Minister's final approval, to be obtained only when all other approvals are in place. Thus the parties have agreed to extend the closing date by two weeks.
The parties are confident that all approvals will be obtained within the time limits now set, stated a Naftex press release. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
