Caspian Drilling Company agreed to acquire additional 5% stake in offshore oil and gas exploration license from Shemen Oil And Gas Resources Ltd for $2 million.

Caspian Drilling Company agreed to acquire additional 5% stake in offshore oil and gas exploration license from Shemen Oil And Gas Resources Ltd (TASE:SOG) for $2 million on May 12, 2013. Caspian Drilling Company will pay Shemen Oil $2 million within 60 days of the start of the license's development. The sale is subject to approval by the Petroleum Commissioner.