Azerbaijani (Azeri) Product Sharing Agreement (PSA):

Oil industry format

Twenty three oil industry PSAs issued in Azerbaijan, including first and largest with BP-led AIOC in 1994.

Law of Azerbaijan

The AAM PSA became effective after parliamentary approval and presidential decree in 1998.

Title

Recent full affirmation was given by Azerbaijan authorities for Anglo Asians work programme and PSA.

Management

Full management control rests with Anglo Asian.

Cash flow

Net result of PSA estimated by Behre Dolbear to provide Anglo Asian with 55% of cash flow from each deposit.

Duration

AAM's PSA is valid for a period of 30 years from April 2005 with formal progress milestones.

Exclusive rights

The PSA gives the Anglo Asian JV exclusive rights to the Soviet-era data, covering the contact areas.

* The net result of the PSA is estimated by independent experts Behre Dolbear to provide Anglo Asian with approx 55% of cash flow from each property