BP and TPOC Farm-In to Georgia Black Sea License

JKX Oil & Gas reports that BP Exploration Operating Company and Turkish Petroleum Overseas Company have farmed-in to the Georgia Black Sea license, comprising blocks IIa, IIb and III, held by Anadarko Georgia Ltd. The assignment of interest has been approved by the State Agency for the Regulation of Oil & Gas Resources of Georgia and the national oil company, Georgian Oil.

The production sharing contract is now jointly held by Anadarko (48.0%), BP (38.5%) and TPOC (13.5%); JKX retains a 4% net profit interest in the production sharing contract through its wholly owned subsidiary, JKX (Navtobi) Ltd.

BP and TPAO, TPOC's parent company, jointly hold the license in the adjoining Turkish Black Sea area and have announced plans to drill a well in mid 2005 on this license.

Anadarko completed a 1,100 sq km, 3-D seismic survey in the southernmost offshore Georgia block in late 2004. The results of the survey, which will become available later this year, will be used to determine the next phase of the exploration program in the block.