BAKU, Azerbaijan, Dec. 23
By Leman Zeynalova – Trend:
Canada’s Zenith Energy company is in talks to purchase some assets of Anglo African Oil & Gas, Trend reports with reference to the company.
“Zenith Energy Ltd., the international oil & gas production company, notes the announcement from Anglo African Oil & Gas plc (AAOG), and confirms that Zenith is in discussion with AAOG to purchase certain assets of AAOG, but that there can be no certainty that any transaction will be completed,” said the company.
Zenith said it will update the market accordingly if and when matters have progressed sufficiently.
Zenith Energy is the operator for development of Muradkhanli-Jafarli-Zardab block of fields onshore Azerbaijan.
Azerbaijan’s state oil company SOCAR and Zenith Aran Oil Company signed a REDPSA in March 2016 for a block that includes the Muradkhanli, Jafarli and Zardab oil fields. Zenith Energy Ltd established its subsidiary company Zenith Aran Oil Company Ltd for production operations in these three fields. Production under the agreement began in August 2016.
Zenith holds an 80-percent participating interest in the three fields within the contract area, while SOCAR retains the remaining 20 percent. The agreement is for 25 years, with a potential extension by five additional years.
The total area of the Muradkhanli, Jafarli and Zardab fields is 642.2 square kilometers, and according to the contract, it is divided into rehabilitation and exploration territories.
The Muradkhanli-Jafarli-Zardab block is located in the Yevlakh-Agjabadi oil and gas region of Imishli district of Azerbaijan. The Muradkhanli field was discovered in 1971, Jafarli - in 1984, and Zardab - in 1981.
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