Petromanas Fails to Secure Block Extension

摘要

Petro-manas said the National Agency of Natural Resources has formally refused the company's request to enter into the third exploration period for blocks D-E with a reduced financial commitment. The company has until 11 Aug. 2014 to provide a bank guarantee for $6.3-million or relinquish the blocks. As a result, the company recorded an impairment expense of its carrying value of the blocks of $23-million in the first quarter and considers it unlikely that it will provide the requested guarantee.