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Having agreed to an aggressive exploration program, Hong Kong-based Proteam has been granted final awards for nearshore Jamaica blocks 1, 5, 8 and 17. A subsidiary of Eurasia, Proteam has already contracted GSI to conduct a 2D seismic survey prior to the end of 2008. Exploration commitments for the five-year Production Sharing Agreement (PSA) include seismic by the end of the second year and one well drilled by the end of the four-year period. Blocks 5 (2,944 sq km) and 17 (7,910 sq km) are located off the south-west and south-east coasts, respectively in shallow waters. The inclusion of Block 1 (4,919 sq km) is the first license granted that includes waters north of the island, while Block 8 (1,924 sq km) is located in a shallow water area with a particularly strong fishing industry presence. At the end of year one, Proteam can drop a portion of its acreage in the deeper waters. The blocks were awarded via a 16-block promotion in 2007 that offered more flexible terms and conditions than the 2005 bid round.
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