Stans Energy Corp. (TSXV:HRE) reported that the Kyrgyz State Geological Agency did not annul the Company’s licence agreement as recommended by a parliamentary committee, as previously reported.
As quoted in the press release:
Stans Energy was granted the extension to Licence Agreement #3 on a lawful basis and the original decision by the State Geological Agency is legally binding. The lawsuit against a committee in the Kyrgyz parliament (Jogorku Kenesh) will still be pursued in the courts to ensure that rule of law is enforced and Stans’ shareholders’ rights are protected.
Stans Energy President and CEO Robert Mackay said:
“It is extremely reassuring that Stans has been provided with statements of support from the State Geological Agency (SGA) maintaining the Company’s legal standing. We will continue negotiating the parameters of a public-private partnership, with the SGA, as set out in the previously granted framework on June 15, 2012. Although the lawsuit against the committee in the Jogorku Kenesh is ongoing, we are eager to continue to working closely with the officials and experts at the SGA. The aim of court action is to have the committee cease and desist from making further false claims against the company and its operations, and we are optimistic that given our day in court, Stans will be able to fully assert our legal position.”