Romgaz Announcement on Extending the Exploration Period for Several Petroleum Blocks

During 2011-2016, as part of its natural gas exploration-development and production activity, Romgaz performed exploration activities in 8 blocks it has under concession in accordance with the Concession Agreement the Romanian State has approved by Government Decision no. 23/January 13, 2000. Therefore, the high-depth exploration activity was intensified in the Transylvanian Basin, the Moesic Platform and the Moldavian Platform. The total result of this activity comprises 4,705 km2 of 3D seismic survey, drilling of 70 exploration wells and approximately 17,000 million Ncm contingent resources were confirmed. Due to the positive results obtained further to implementing the 2011-2016 work program, Romgaz and ANRM agreed to continue exploration activities in the aforementioned blocks. The parties have signed an addendum which extends the exploration period for the 8 blocks and establishes a new work program to be implemented during 2016-2021. The addendum must be approved by Decision to be issued by the Romanian Government. By signing the addendum, Romgaz has identified a long-term production potential which aims at ensuring a constant efficient reserve replacement rate and at consolidating the investors’ trust in the company’s assets.

Source: www.bvb.ro