Exxon Mobil Corporation to pay SOCAR $50 million of compensation on "Nakhchivan" and "Zefer-Meshel" prospective structures

As APA reports according to SOCAR, pursuant to the agreement signed between the parties, the Exxon Mobil Corporation must pay $32 million on "Nakhchivan" and $18 million on "Zefer-Meshel" for refusing drilling the second exploratory well.

It should be reminded that after drilling the first exploratory well in "Nakhchivan" in 2001 and in "Zefer-Meshel" in 2004, the Exxon Mobil Corporation refused drilling the second well referring to commercial inefficiency of the discovered resources.

It should be noted that participation shares of SOCAR and Exxon Mobil is 50% for each of them.