Eurasia Energy Ltd. (OTC Bulletin Board: EUENF) has announced that Commonwealth Oil & Gas Company Limited has chosen to partake in the Alyat-Deniz project under the terms of the participation agreement date February 10, 2010. The agreement has been entered into among Arawak Energy Ltd., Commonwealth, Nicholas W. Baxter and Eurasia.
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The agreement brings a resolution to the litigation proceedings between the 4 parties which has been ongoing since 2006. The agreement also establishes the terms upon which the parties will co-operate with each other in order to earn an interest in an upstream oil and gas project in the Republic of Azerbaijan.
As the first step under the agreement, Eurasia provided Commonwealth’s assessment team with access to all data which Eurasia holds in respect to the project. Following a data review, Commonwealth chose to participate and becomes entitled to receive a 51% interest in the project. Commonwealth will reimburse Eurasia for 51% of their third party costs incurred in connection to the project.
Eurasia Energy Limited is an international oil and gas company. Reaching out from the highly prospective Caspian region we look for opportunities with quality reserves and exploration upside.
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