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BRIEF-Greenfields Petroleum Corp announces the signing of a protocol on the carry of SOA
April 24, 2017 / 12:09 PM / in 7 months

BRIEF-Greenfields Petroleum Corp announces the signing of a protocol on the carry of SOA

April 24 (Reuters) - Greenfields Petroleum Corp

* Announces the signing of a protocol on the carry of SOA, an amended gas sales agreement, 2016 year-end reserves and 2017 budget

* Unit signed protocol in respect of carry of certain costs and related issues and that bahar energy operating company limited

* Unit also signed amendment to gas sales agreement for sale of non-associated natural gas produced under ERDPSA with SOCAR, SOA

* Company has submitted 2017 budget to SOCAR including $21 million of capital expenditures, $28 million of operating costs for 2017

* As of March 31, 2017, funding shortfall and carry 1 amounts owed to BEL pursuant to ERDPSA totalled approximately $40 million

* From April 19, all funds generated by sale of petroleum produced from contract rehabilitation area will be placed in separate fund

* As at December 31, 2016, total proved reserves of company were evaluated at 24,409 MBOE net to company through interest in BEL Source text for Eikon: Further company coverage:

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