Well operator Azerbaijan’s, Caspian Drilling Company Ltd. (CDC), exchange 5% of the rights in the Shemen Oil and Gas Resources Ltd (TASE: SOG) offshore oil and gas exploration license, for bearing 5% of the license’s Yam 3 well’s operating costs.
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CDC’s investment for the well will total $6 million under the well’s approved budget.
From the date of the closing of the deal, CDC will bear 5% of Yam 3’s operating expenses under the work plan and joint operating agreement. If a commercial discovery is announced at the well, CDC will pay Shemen Oil $2 million within 60 days of the start of the license’s development.
The sale is subject to approval by the Petroleum Commissioner.