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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Greenfields Petrlm Corp (Cayman Islands)    GNF   KYG409151290

GREENFIELDS PETRLM CORP (CAYMAN ISLANDS)

(GNF)
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Greenfields Petroleum : Bahar Energy Operating Company to have new president

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08/21/2019 | 12:16am EDT

Norman Benson, who served as Senior Vice President and Chief Operating Officer of Greenfields and President of Bahar Energy Operating Company (BEOC), will step down from those positions effective May 1, 2019, Trend reports citing the US Greenfields Petroleum Corporation, which is the operator of the Bahar-Gum Deniz block through its subsidiary Bahar Energy Limited (BEL).

BEOC is a full subsidiary of BEL.

Benson has been very instrumental in directing the production activities of the сompany for over the past six years, said the company.

The сompany will appoint John Harkins to replace Benson as COO of Greenfields and President of BEOC, in addition to his current roles as President and Chief Executive Officer of Greenfields.

Greenfields Petroleum Corporation is a junior oil and natural gas company focused on the development and production of proven oil and gas reserves principally in Azerbaijan. Through its wholly owned subsidiary Bahar Energy Limited (BEL), the corporation owns an 80 percent interest in the Exploration, Rehabilitation, Development and Production Sharing Agreement (the "ERDPSA") with the State Oil Company of Azerbaijan ("SOCAR") and its affiliate SOCAR Oil Affiliate ("SOA") in respect of the offshore block known as Bahar Gum Deniz (the "Bahar Project") which includes the Bahar Gas Field and the Gum Deniz Oil Field.

The Bahar Project is operated by BEOC, a wholly owned subsidiary of BEL, under the terms of a Joint Operating Agreement.

The Bahar Gas Field consists of 45 offshore platforms including a central processing and metering platform to gather the gas for onward transport through a three 12-inch pipelines to the shore-based gas and liquid handling facilities. The platforms, in most cases are built on 24 to 30 pilings each in an average water depth of about 16 metres.

The Gum Deniz Oil Field is located south of the Absheron peninsula, 21 km south of Baku, between Gum Island and the Bahar Gas Field. The Gum Deniz Oil Field extends from onshore Gum Island, which is 2.5 km from the mainland to the south in the Caspian Sea. The Gum Deniz Oil Field is found along the Fatmai-Gum Adasi anticlinal trend which includes the Bahar and Shakh Deniz structures. Oil in the Gum Deniz Oil Field is trapped in a north-south trending structure that is approximately 16 kilometres in length and 3 kilometres in width. The Gum Deniz Oil Field is structurally up-dip from the Bahar Gas Field.

© 2019 Trend News Agency ALL RIGHTS RESERVED, source News Service

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Financials (USD)
Sales 2013 -
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Net income 2013 -
Debt 2013 22,0 M
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EV / Sales2014 -
Capitalization 2,71 M
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Managers
NameTitle
John W. Harkins President, Chief Executive Officer & Director
Michael John Hibberd Non-Executive Chairman
Norman G. Benson Chief Operating Officer & Senior Vice President
Jose Agustin Perez-Bello CFO, Treasurer, Director & Senior VP
Geir Sagemo Non-Executive Director
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