Unocal Acquires Stake in Georgian Black Sea License

JKX Oil & Gas reports that Unocal CAME IV Ltd ("Unocal") will farm-in to the Georgia Black Sea license, comprising blocks IIa, IIb and III, held by Anadarko Georgia Ltd, BP Exploration Operating Company and Turkish Petroleum Overseas Company. The assignment of interest is subject to approval by the State Agency for the Regulation of Oil & Gas Resources of Georgia and the national oil company, Georgian Oil.

The production sharing contract will now be jointly held by Anadarko (48.0%), BP (28.5%), TPOC (13.5%) and Unocal (10%); JKX retains a 4% net profit interest in the production sharing contract through its wholly owned subsidiary, JKX (Navtobi) Ltd.

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