Korex Secures Exploration Rights in Korean Sea

Korex signed a production-sharing contract with the Korea Oil Exploration Company for exploration rights in the Korean East Sea. The contract covers about 50,681 square kilometers off the east coast of the DPRK and is divided into deep and shallow water areas. The ten-year agreement is divided into four periods, with the first three periods consisting of two years each and the final period of four years. The first period work commitment is to complete work on existing data and acquire new marine 2D seismic data.