Market Impact: Positive. SOCAR has confirmed that Greenfields, and its operating company Bahar Energy Operating Company, have fulfilled its obligations of achieving Target Production Rate 1 (TPR1), as per the terms of the exploration, rehabilitation and development production sharing agreement. Greenfields has also achieved TPR2, in which SOCAR is now responsible for its 20% WI costs going forward, although formal acknowledgement has not yet been received.
03 Jun 2015
GREENFIELDS PETROLEUM CORPORATION (GNF) PAYS US$2 MM BONUS TO SOCAR TO SECURE 25 YEAR DEVELOPMENT AND PRODUCTION PERIOD
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GREENFIELDS PETROLEUM CORPORATION (GNF) PAYS US$2 MM BONUS TO SOCAR TO SECURE 25 YEAR DEVELOPMENT AND PRODUCTION PERIOD
Market Impact: Positive. SOCAR has confirmed that Greenfields, and its operating company Bahar Energy Operating Company, have fulfilled its obligations of achieving Target Production Rate 1 (TPR1), as per the terms of the exploration, rehabilitation and development production sharing agreement. Greenfields has also achieved TPR2, in which SOCAR is now responsible for its 20% WI costs going forward, although formal acknowledgement has not yet been received.