Under this Agreement, SK Group will commit to fund fifty percent of total expenditures of Vector, drill a deep well targeting a pre-salt prospect at a cost of up to US$15,000,000 and reimburse the Company for historical costs. This well will be drilled as soon as possible after signing a definitive farm-out agreement, which is anticipated to occur in February 2006.
"We are pleased that the SK group chose to enter the Kazakh oil industry by joining with us in exploring our Atyrau and Liman-2 Blocks," stated Mr. Al Sehsuvaroglu, the Company's President and CEO. "We believe especially the Atyrau Block, which is some 10,000 sq.km. in area, has both shallow post-salt and deep pre-salt potential. We are currently pursuing lower-risk post-salt leads and with SK Group's input, we will now be able to accelerate our plans to test deep high risk / high potential pre-salt structures."
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