VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/12/12 -- Statesman Resources Ltd. (TSX VENTURE: SRR) (the "Company") is pleased to announce that the subsidiary company which is a party to the Block 14 Exploration and Production Sharing Agreement (EPSA), Statesman Resources Ltd. (BVI) (the "Operator) has received an official extension to the date required to lodge the Bank Guarantee required pursuant to the EPSA.
Previously the Operator was required to lodge the Bank Guarantee by 3 November 2012. This date has now been officially extended to 31 December 2012. The Company's share of the Bank Guarantee is approximately US$2.5 million.
The Operator and the Company continues to work with its partners and the Government of the Republic of Sudan to accelerate the exploration program in Block 14, which has 1.5 billion barrels of gross un-risked prospective resources independently assessed by Senergy (GB) Limited, as detailed in the news release dated 8 November 2012. The Operator has recently signed the joint venture agreements with the other parties to the EPSA and is in the process of being formally registered in Sudan and opening an operational office in Khartoum, headed by Dr Michael Earle.
Recent drilling both to the north and south of Block 14 is a clear indication of the increased activity in the region and is generating a lot of industry interest in this under explored part of onshore Africa. Statesman looks forward to commencing its exploration program in earnest in 2013.
Block 14 participants are:
Statesman Resources Ltd. (BVI) 75%Express Petroleum & Gas 15%Sudapet Co. Ltd. 10%
To view the map accompanying this press release please click the following link: http://media3.marketwire.com/docs/SRRMap1212.pdf
About Statesman Resources Ltd.:
Statesman's principal asset is a 50.1% shareholding in Statesman Africa Limited which in turn beneficially holds a 75% working interest in the Block 14 Exploration and Production Sharing Agreement with the Government of the Republic of the Sudan. Statesman also has a 75% working interest in approximately 20,000 acres in Kansas, small interests in oil and gas leases in California and is focussed on growing its asset base through the new venture program in North America and Africa.
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
Neither 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.
Statesman Resources Ltd.
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