Sonoran Energy, the independent oil and gas exploration and production company, announces that King Abdullah of the Hashemite Kingdom of Jordan has signed the production sharing agreement (PSA) for the Azraq block - including the Hamza oil field. As this agreement was previously ratified by the National Assembly of Jordan, the signature of King Abdullah marks the successful conclusion of negotiations between Sonoran and the Jordanian authorities. The signing took place at the World Economic Forum on the Middle East held at the Dead Sea, Jordan.
The Azraq block sits on the same trend as several other productive basins in the Middle East, yet remains relatively under-explored with limited use of modern seismic, drilling and production technology. The PSA covers an area of approximately 11,250 square kilometers offering a number of attractive new exploration plays.
Sonoran Chairman and Chief Executive Officer Peter Rosenthal commented, "With this license now secured, we look forward to concluding an agreement with an industry partner who can work with us to fully seize the potential of these assets and allow us to focus our capital on the development of our growing US operations in Texas and Louisiana. Our commitment to Jordan and to securing the Azraq PSA should result in Sonoran retaining meaningful exposure to the upside potential of this opportunity."
