Romgaz & Lukoil to Relinquish EX29 Est Rapsodia Block

Source: www.gulfoilandgas.com 2/19/2016, Location: Europe

Following the results obtained from exploration operations, ROMGAZ and its partners intend to relinquish the EX29 Est Rapsodia Block in the Black Sea.

Romgaz and its partners Lukoil Overseas Atash and PanAtlantic Petroleum signed two concession agreements through which they acquired rights and obligations to exercise petroleum operations in two blocks in the Black Sea, EX29 Est Rapsodia and Ex30 Trident.

In the Petroleum Agreement governing the operations related to Rapsodia Block, the partners carried out all the steps provided in the winning bid, both from a physical as well as from a value point of view.

The data and information obtained did not give the partners the incentive to continue the petroleum operations in a supplementary stage, by assuming a new exploration program.

Consequently, following solid analysis, the partners decided to notify the National Agency of Mineral Resources about their intention to cease petroleum operations within Rapsodia Block.

At this moment, analysis are carried out on the notification sent by the partners and to carry out the formalities necessary to terminate the Petroleum Agreement which shall cease at the time it is published in the Official Gazette.

It is natural, though not desirable, that some petroleum operations might not end up with the desired results. It is part of the activity specific and it is a risk assumed by the partners.

As far as it concerns the other Agreement regarding the petroleum operations in Trident Block, we reconfirm the information included in the Press release from October 14, 2015 and we state that the petroleum operations lead to a 30 billion cm discovery of natural gas which is followed by the analysis course, interpretation and assessment of accomplished discoveries.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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