PANCONTINENTAL, along with its joint venture partners Afrex and Hardman Resources, are trying to find out why the Eritrean Government terminated a memorandum of understanding it had over the offshore Red Sea Massawa Block.
The partners negotiated a memorandum of understanding with the Eritrean Ministry of Energy and Miners for the offshore Red Sea Massawa Block.
The MOU was initially granted for six months starting December 24 2003, however, a number of extensions have been granted since then.
They recently received word that the MOU and other documents relating to the Massawa Block have been declared null and void.