The American Energy Group, Ltd. (AEGG) announced today that the Government of Pakistan has granted to the Company's wholly owned subsidiary, Hycarbex-American Energy, Inc. ("Hycarbex") an extension to the Yasin Exploration License relating back to the date of the request for extension in March, 2013. Management promptly initiated its plans for exploration and development activities on the Yasin Exploration License based on this extension. The extension is subject to additional performance requirements pertaining to seismic, rework of the Haseeb #1 Well and the work program financial obligations which are being reviewed by Management and which will continue to be discussed with the Government of Pakistan as the work at the site moves forward. Commenting upon the receipt from the Pakistan Government of the Yasin Exploration License extension, Pierce Onthank, President and CEO stated: "We are elated with the news of these important actions by the Government of Pakistan. The official extension notification allows Hycarbex to proceed with its planned development of the Yasin petroleum concession."
The Company further announced that in connection with the Company's activities toward the assumption of control of Hycarbex based upon the April 15, 2015 Partial Final Award in arbitration by the International Chamber of Commerce (ICC) decreeing that the Company is the 100% owner of the common stock of Hycarbex relating back to 2003, the Government of Pakistan, including the Ministry of Petroleum, the Director General of Petroleum Concessions, the Securities and Exchange Commission of Pakistan and the Pakistan Board of Investment, have each advised that they view the Company as the legal owner of Hycarbex.
This news release contains forward-looking statements, including estimated time lines for future events. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements, including potential production rates and potential reserves, which estimates are unproven and not based upon actual production data or historical facts. Forward-looking statements are subject to uncertainties and risks including, but not limited to, economic conditions, drilling risks and actual operating conditions and results, deviation in costs of critical equipment and services, deviation in production decline rates, the impact of competition and commodity pricing, and domestic and foreign governmental regulation and approvals.
All forward-looking statements in this disclosure, whether made by, or on behalf of the Company or by or on behalf of the project operator, are expressly qualified by the above cautionary statements and any other cautionary statements which accompany the forward-looking statements. In addition, the Company disclaims any obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
Source: The American Energy Group, Ltd.
Date: Jun 7, 2018