By OGJ editors
HOUSTON, Apr. 24 -- An international unit of Vanco Energy Co., Houston, and JNR Eastern Investments Ltd. moved a step closer to negotiating a production sharing agreement covering Prykerchenska block on the Black Sea shelf.
An intergovernmental committee recommended that the Cabinet of Ministers award the right to conclude a PSA with the two companies. JNR is an investment company representing family interests of Nathaniel Rothschild.
Prykerchenska covers more than 12,900 sq km and includes attractive prospects, including possible structures capable of holding in excess of 1 billion bbl of oil equivalent, Vanco said. Vanco would be operator, and the two companies would hold the block 50-50.