Bayat Energy And Schlumberger Sign Memorandum of Understanding To Discuss Agreement For Sale and Lease of Oilfield Equipment in

 Bayat Energy And Schlumberger Sign Memorandum of Understanding To Discuss  Agreement For Sale and Lease of Oilfield Equipment in Afghanistan  KABUL, Afghanistan, June 25, 2014 /CNW/ -- Bayat Energy and Schlumberger today  announced the execution of a Memorandum of Understanding detailing a  collective plan to discuss a non-exclusive Agreement under which Schlumberger  will sell and/or lease certain of its oilfield equipment to Bayat Energy for  use solely within Afghanistan.  According to Bayat Energy President Ehsannollah Bayat, "I am very excited to  explore an agreement with Schlumberger to greatly accelerate the availability  and deployment of their innovative oil and gas solutions in Afghanistan.   Bayat Energy - working as a dependable, ethical and conscientious partner with  the Government of the Islamic Republic of Afghanistan - aims to actively  explore and develop oil and gas resources in a safe and environmentally  responsible manner by leveraging technology and a talented workforce.  We see  this opportunity to discuss a potential agreement with Schlumberger as a  terrific example of the type of world-class strategic collaborations we are  pursuing in order to allow us to help transform the Afghan hydrocarbon  exploration and production industry and develop Afghanistan's resources for  the long-term benefit of the nation and the citizens."  About Bayat Energy  Bayat Energy, part of the larger Bayat Group, is an ambitious oil and gas  exploration, development and production company focused on investing primarily  in frontier markets with large exploration upside that have historically been  underexplored and where we can build a significant presence.  Building on an  excellent capital base, high-caliber management team, and innovative  international partnerships, the Company's initial focus is the exploration and  production of the large undiscovered oil and gas reserves in the northern  provinces of the Islamic Republic of Afghanistan.  The Company's management  has operated in Afghanistan for more than thirteen years and is able to  utilize existing contacts and capabilities to capitalize on new opportunities  in niche technical and business areas throughout the region leveraging on a  proven track record of success.  Please see more at www.bayat-energy.com and  www.bayat-group.com.  About Schlumberger  Schlumberger is the world's leading supplier of technology, integrated project  management and information solutions to customers working in the oil and gas  industry worldwide. Employing approximately 123,000 people representing over  140 nationalities and working in approximately 85 countries, Schlumberger  provides the industry's widest range of products and services from exploration  through production.  Schlumberger Limited has principal offices in Paris, Houston and The Hague and  reported revenues of $45.3 billion in 2013. For more information, visit  www.slb.com.  CONTACT: Monty Simus, m.simus@tsiglobe.com, + 1 201 302 0400    SOURCE  Bayat Energy  CO: Bayat Energy ST: Afghanistan NI: OIL UTI ORDER  
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