UPDATE: Emperor Oil Extends MOU with State Petroleum, Shares Down 21% at Midday
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 nearly 21% to 36.5 cents.