Bashneft sings production sharing agreement for EP-4 block in Myanmar

Bashneft International BV, a 100% subsidiary of Bashneft, has signed a production sharing agreement for the oil block EP-4 with the Myanmar Oil and Gas Enterprise (MOGE). The signing bonus will be $4 million.

The operator of the project with a share of 90% is Bashneft International BV, the second party is Sun Apex Holdings Ltd (10%) from Myanmar. In accordance with the terms of the PSA for the block EP-4, the partners will implement a geological exploration program providing seismic survey and the drilling of two exploration wells, in the next 3 years (with possibility to be prolonged for 3 years). Investments in the geological exploration program are provided in the amount of $38.3 million, the press centre of the company reports.