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The Canadian exploration and production company Bayou Bend Petroleum has announced that it has signed an agreement with the Kurdistan Regional Government (KRG) for the acquisition of working interest in three blocks in Iraqi Kurdistan.
The company, part of the Swedish-Canadian Lundin Group said it had taken a 60% share in three blocks; the Pulkhana Block (leaving Turkey’s Petoil and the KRG with 20% each), the Arbat Block (where it will take a 60% operator stake, leaving the KRG with 40%), and the K42 Block, which is currently operated by Oil Search under a 60% option agreement should leads be discovered during the seismic shoot.
Bayou also said that it had entered into a similar option agreement at the block for a 20% partnering stake, in exchange for a US$5-million signatory bonus and a commitment to pay 25% of the past costs accrued on the Block.
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