Molopo Energy Limited: Purchaser of Queensland Asset Requests

Molopo Energy Limited: Purchaser of Queensland Asset Requests
Extension to NDRC Condition 
CALGARY, ALBERTA -- (Marketwire) -- 10/01/12 -- Molopo Energy Limited
(ASX:MPO) announces that the purchaser of Molopo's Queensland assets
has requested a three week extension in order to confirm that the
Chinese National Development and Reform Commission ("NDRC") approves
of the transaction. The purchaser has confirmed that the reason for
the delay is administrative and they are not aware of any
circumstances that would result in PetroChina not receiving NDRC
approval. As a result, Molopo has agreed to the extension and the
condition must therefore be satisfied on or before 23 October 2012
with settlement of the transaction to take place by November 7, 2012.
The purchaser has previously received Australian Foreign Investment
Review Board ("FIRB") confirmation that it has no objection to the
transaction, and the only remaining condition is the receipt of NDRC
approval.  
For further details on the transaction please see Molopo's press
release dated 1 August 2012. Molopo will continue to update its
shareholders as information comes available. 
This press release contains certain forward-looking statements. These
statements relate to future events or future performance of the
Company. When used in this press release, the words "may", "would",
"could", "will", "intend", "plan", "anticipate", "believe",
"estimate", "predict", "seek", "propose", "expect", "potential",
"continue", and similar expressions, are intended to identify
forward-looking statements. These statements involve known and
unknown risks, uncertainties, and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements. Such statements reflect the Company's
current views with respect to certain events, and are subject to a
number of risks, uncertainties and assumptions. Many factors could
cause Molopo's actual results, performance, or achievements to
materially differ from those described in this press release. Should
one or more of these risks or uncertainties materialize, or should
assumptions underlying forward-looking statements prove incorrect,
actual results may vary materially from those described in other
public disclosures made by the Company or this press release as
intended, planned, anticipated, believed, estimated, or expected.
Furthermore, statements relating to "reserves" or "resources" are
deemed to be forward-looking statements, as they involve the implied
assessment, based on certain estimates and assumptions that the
resources and reserves described can be produced profitably in the
future. The forward-looking statements contained in this press
release are expressly qualified in their entirety by this cautionary
declaration. These statements speak only as of the date of this press
release. The Company does not intend and does not assume any
obligation, to update these forward-looking statements to reflect new
information, subsequent events or otherwise, except as required by
law. 
Molopo Energy Limited is an ASX-listed oil and gas exploration and
production company. The company is focussed on the development of its
shale oil resource play in the Permian Basin, Texas, USA. The company
also has unconventional oil assets in the Williston Basin,
Saskatchewan, Canada, shale gas assets in Quebec, Canada, a CBM
project in Australia (under divestment) and onshore gas projects in
South Africa. 
ABN 79 003 152 154
Contacts:
Investor Relations contact: Molopo Energy Limited
Cindy Gray
VP Capital Markets
+1.403.648.8026 or + 61 3 9618 8704 (Australia local)
investorrelations@molopo.com.au