Puma Energy in agreement with Azerbaijan to develop oil fields

Nov 30, 1999 01:00 AM

PUMA ENERGY, INC. of Dallas, Texas, announced that it has entered into a series of agreements aimed toward its right to develop the Balakhani, Sabunchi and Ramani oil fields in the Azerbaijan Republic. On November 19, 1999, the Interregional Public Assistance Fund for Petroleum Sector Stable Development (IPF), a Russian corporation, and Puma executed a Farmout Agreement by which IPF granted to Puma all rights to negotiate the definitive agreement with the State Oil Company of the Azerbaijan Republic (SOCAR) and to conduct a feasibility study and due diligence review.
Under the farmout, Puma will fund 100 % of all development and exploration costs and will receive 80 % of IPF's interest granted by SOCAR. IPF had signed on November 6, 1999, a Memorandum of Understanding with SOCAR granting IPF an exclusive right to conduct due diligence and negotiate a definitive Rehabilitation, Exploration, Development and Production Sharing Agreement covering the fields.
This right extends for a maximum period of six months commencing November 6, 1999. Such definitive agreement with SOCAR will decide the actual interest in the field to be granted by SOCAR, including recoveries and profit participation; however, the value of the interest to be acquired and developed by Puma is expected to be substantial.

Source: Puma Energy Inc. Via PRNewswire
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