MoU between Sudapet and State Oil Corporation not to be extended

sudapet 30Stamper is evaluating other oil and gas projects in Africa. (Image source: Maersk Drilling/Flickr)Canada-based Stamper Oil & Gas Corp has concluded that the MoU agreement between State Oil Corporation and Sudapet Company Ltd, the national oil company of Sudan, will not be extended

Lutfur Khan, chairman of State Oil Corporation, after giving assurances to Stamper, could not secure an extension to the MoU with northeast African country’s oil and gas company.

As a result of these developments, the board of Stamper has notified State Oil Corporation that the MoU between Stamper and State has been terminated.

Going forward, Stamper is evaluating other oil and gas projects in Africa, North America and Latin America.

In October 2017, Stamper acquired 100% of the issued and outstanding shares of State Oil Corporation. State signed a MoU with Sudapet to acquire a 50 per cent interest and rights in a certain Sudapet exploration and production project in Sudan.

Speaking about the current challenges for the company, David Greenway, CEO of Stamper Oil & Gas, said, “Though this is a hurdle for the company, Stamper will continue in its efforts to source oil and gas projects that fit the company and will keep all investors informed of its progress.”

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