Emperor Oil Extends MOU with State Petroleum, Shares Down 13% at Midday

By MidnightTrader.com Staff,

Shutterstock photo

Emperor Oil Ltd. (EM.V) has agreed with State Petroleum Overseas Inc. to amend a Memorandum of Understanding ( MOU ) signed on September 23, 2012 between Emperor and State.

Under the terms of the MOU, Emperor was required to provide evidence on or prior to October 8, 2012 to the satisfaction of State of its ability to satisfy initial project costs. In addition, under the MOU the parties had contemplated entering into definitive agreements on or before October 12, 2012 relating to the transactions contemplated by the MOU.

Emperor and State have agreed to extend both of these dates to October 31, 2012.

Emperor is down 13% to 40 cents.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: MOU

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