Oil company operating in Azerbaijan goes bankrupt

A meeting of shareholders of Aran Oil Operating Company Limited will be held on December 7 at 10:00 am at Tortola VG 1110 (Tropic Isle Building, 2nd floor), Nibbs Street, Road Town, Virgin Islands, UK.

The agenda of the conference may include a decision on the appointment of the company's liquidation commission.

John J. Greenwood, an employee of Baker Tilly, was appointed a liquidator of Aran Oil Operating Company Limited by a reasoned decision of the company's members dated November 16, 2021.

Aran Oil Operating Company Limited was registered in 2016. Its legal representative is Andrea Cattaneo.

Aran Oil Operating Company Limited was established by the Canadian company Zenith Energy LTD. and SOCAR on the Muradkhanli-Zardab-Jafarli oil field block in Azerbaijan. Last year, Zenith stopped oil production in Azerbaijan, and about 170 employees were transferred to SOCAR.

The handover process of the Contract Rehabilitation Area ('CRA') to SOCAR has also been concluded.

Agreement on Rehabilitation, Exploration, Development, and Production Sharing for Block, including Muradkhanli-Jafarli-Zardab Oil Fields, was signed between Zenith and SOCAR on March 16, 2016. The participating interests are as follows: A joint oil company owned by SOCAR – 20%; Zenith – 80%. The agreement covers an area of 642.4 km2.