At the end of the five-month study, Sonoran Energy will have the first option on a PSA subject to agreeing on a mutually acceptable work program with the NRA.
"The formal signing of the MOU is a significant step forward for Sonoran Energy and further establishes our presence in the Middle East," said Peter Ostenfeld-Rosenthal The Azraq Block contains the Hamzah oil field and has seen little modern exploration. Sonoran Energy will study the potential for increasing production from the field through the use of modern drilling, completion and field development techniques. Sonoran will also evaluate the exploration potential of the adjacent acreage."
"The Government of Jordan has been extremely forward thinking in its approach to Sonoran Energy's proposal to study the Azraq Block," said Ala Nuseibeh, Sonoran Energy Middle East Executive Vice President. "David Mackertich, Sonoran Energy's Vice President of Exploration and New Ventures, is currently in Jordan to begin work on the program which will include working with NRA officials and local geophysical organizations. Sonoran Energy is looking forward to building a long-term relationship with the Government of Jordan to enhance the Country's oil production potential for many years to come."
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