Icon Energy grants China LNG sales agreement extension
Queensland based oil and gas company Icon Energy (ASX: ICN) has agreed
to extend the time for the signing of the China LNG Gas Sales Agreement
(GSA) to 31 December, 2010, as requested by Shenzhen SinoGas.
Icon
said that it was appropriate for the company to agree to the request to
enable Shenzhen SinoGas to obtain all necessary approvals for the GSA.
Ray
James, Icon's managing director, said “this was a specific request made
by Shenzhen SinoGas, who also stated that they believed the additional
four months would allow adequate time for the companies to complete
their negotiations and execute the GSA.”
Icon announced in April
that it had entered into an MOU with a subsidiary of Chinese firm,
Shenzhen SinoGas, for a 20 year gas sales contract.
“This remains
an exciting growth project for the company. While Shenzhen SinoGas
proceeds with its approval processes in China, Icon Energy will continue
with its focus on securing the necessary reserves to meet its
commitments under the GSA."
“This is a pleasing further confirmation of Shenzhen SinoGas’ commitment to completing the Gas Sales Agreement,” James said.
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