The MOU provided for termination in the event that Eurasia and SOCAR did not sign an agreement on the basic commercial principals and provisions of an exploration, rehabilitation, development and production sharing agreement (ERDPSA) on or before December 7, 2006. Management of Eurasia is continuing discussions with SOCAR with a view to extending the MOU to give more time to reach agreement on the basic commercial principals and provisions of an ERDPSA.
Eurasia has completed its comprehensive study and initial development plan for the 600 square kilometer offshore oil and gas block, which is the subject of the MOU.
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