ExxonMobil and OMV Petrom Explore New Prospect on Neptun Block offshore Romania

ExxonMobil Exploration and Production Romania Limited (EMEPRL) and OMV Petrom S.A. (OMV Petrom) have started drilling the Pelican South-1 exploration well on a new prospect in the Neptun Block. The Ocean Endeavour rig is drilling the Pelican South-1 wildcat well about 155 kilometers offshore in the Romanian sector of the Black Sea. The Pelican South-1 well will test a new geological structure on the Neptun Block. Earlier in October, the Ocean Endeavour rig completed drilling the Domino-2 well and data from the well are being evaluated. “Exploration for oil and gas in frontier areas is complex and very detailed, often taking years to complete. A thorough understanding of the geology is essential prior to making the significant investments required to develop such a discovery,” said John Knapp, managing director of ExxonMobil’s affiliate in Romania. “The Black Sea region plays a central role in our strategy and we allocate significant financial and technical resources to the offshore projects. We are encouraged by the good results so far, in shallow and deep waters. However much of the activity in the Black Sea deepwater area is of a frontier, pioneering nature, involving high investment risks and therefore requiring a stable investment framework,” said Gabriel Selischi, member of OMV Petrom Executive Board responsible for Exploration and Production. ExxonMobil Exploration and Production Romania and OMV Petrom each hold 50 percent of the deepwater sector of the Neptun Block. ExxonMobil Exploration and Production Romania Limited is the operator.