Pakistan awards Paige-RDC JV Block No. 3168-1 exploration license

    May 1, 2003
    Pakistan granted a petroleum exploration license Apr. 24 to Bahamas-based Paige Ltd. and its local joint venture partner RDC International (Pvt.) Ltd. for Block No.3168-1 in the Zhob District of Balochistan Province. The block, which covers 1120 sq km, falls in prospectivity Zone 1.

    By an OGJ correspondent

    KARACHI, May 1-- Pakistan granted a petroleum exploration license Apr. 24 to Bahamas-based Paige Ltd. and its local joint venture partner RDC International (Pvt.) Ltd. for Block No.3168-1 in the Zhob District of Balochistan Province. The block, which covers 1120 sq km, falls in prospectivity Zone 1.

    Simultaneously, the parties executed a petroleum concession agreement whereby the JV will invest a minimum of $405,000 the first 3 years, with an additional contingent investment of $4.5 million based on the outcome of results of the first phase.

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