Guba Khazaryani Production Sharing Agreement Promulgated

Today, the law approving the Exploration, Development and Production Sharing Agreement for the Area Encompassing Portions of the Guba, Gusar, Shabran, Siyazan and Khizi Districts of the Republic of Azerbaijan (Guba Khazaryani), entered into between the State Oil Company of the Republic of Azerbaijan (SOCAR), Gran Tierra Energy (Azerbaijan) GmbH and SOCAR Guba-Khazaryani LLC, was promulgated by the President of Azerbaijan. The Agreement had previously been approved by the Milli Majlis (Parliament) of Azerbaijan on 30 September.

Under the Agreement, and subject to the terms of the Government Guarantee and the Appendices, the parties are granted, for the entire term of the Agreement, the exclusive right to conduct petroleum operations within the Guba Khazaryani Contract Area.

Caspian Legal Center (CLC) assisted Gran Tierra Energy in connection with the legal review of the Guba Khazaryani PSA and commercial contracts relating to exploration and development operations within the Guba Khazaryani Contract Area.