Exploration group Petrel Resources has finalised a production-sharing agreement (PSA) in Jordan.
The company said today the East Safawi block is highly prospective exploration territory, close to producing fields in both Syria and Jordan.
A three-year exploration programme has been agreed with the Jordanian government.
The East Safawi block forms part of the oil and gas prospective Arabian Desert. It adjoins the producing gas field at Risha and neighbouring oil producing blocks in Syria.
According to Petrel, the Jordanian production-sharing terms are "world class". The contractor receives 60 per cent of oil production - or gas equivalent - up to 10,000 barrels daily, with a sliding scale to a 35 per cent share of production over 100,000 barrels daily oil equivalent.