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QED Connect has entered a definitive agreement to acquire Afon 2010 Ltd.
Western Ukrainian Geophysical Prospecting Expedition performed a survey in 2002 on Afon 2010's leases and determined that the company's leases have the potential to produce 119 MMbbl oil, according to a news release.
QED Connect plans to develop five wells initially on the Afon 2010 concession pending acquiring the required working capital. Average production for wells drilled in this region is more than 1,000 b/d; however, QED Connect's revenue projections are based only on 500 b/d production and show $45 million in revenue from these five wells, the release said.
The closing date of the Afon 2010 acquisition is 120 days pending final due diligence, approval of any regulatory agencies, and approval of each company's respective board of directors.