Ivanhoe Energy Inc. says that Ivanhoe's Specific Services Contract on Block 20 in Ecuador is being terminated by mutual consent between Ivanhoe and Petroamazonas EP, Ecuador's state-run oil company.

In August 2014, Ivanhoe and Petroamazonas agreed to a process to mutually terminate the Specific Services Contract under which Ivanhoe has been operating since 2008 as a step towards entering into a new Service Contract with a consortium consisting of Ivanhoe and one of the world's largest national oil companies (NOC), which has experience working in Ecuador.

Ivanhoe has worked closely with Petroamazonas and officials from the Ecuadorian government in terminating the contract according to Ecuadorian law, and the company has fulfilled all of its termination responsibilities.

Tags: Ivanhoe Energy Inc.