American company to purchase a stake in Azeri oil sector

​Greenfields Petroleum has signed a contract with Baghlan Group on the purchase of 66.6% in Bahar Energy Limited that develops the Bahar and Gum Deniz deposits in the Azeri sector of the Caspian.

According to the source, thus by the completion of the deal Greenfields Petroleum will become the only shareholder of Bahar Energy Limited.

Bahar Energy Limited will make a transfer to the capital of Baghlan Group and will undertake the responsibilities on the settlement on the loan issued to Bahar Energy Limited for the development of deposits. The amount of the deal comprises the payment of $6 mln and settlement of obligations undertaken by Baghlan Group in respect of Bahar Energy Limited. The total amount of the deal is not released.

Greenfields Petroleum  assesses the obligations at $57.6 mln.