RNS - 0745V - Exclusivity Agreement3 Dec 2019 12:36
RNS - 0745V: Proposed acquisition of 75% of issued share capital of an established Romanian oil and gas operator, by a London-based oil and gas investment specialist and MetalNRG Plc
MetalNRG plc (LON:MNRG), the natural resource investing and exploration company, announces that it has signed an exclusivity agreement, non-binding, with the owner (the "Vendor") of an established operating company based in Romania, which owns 100% of a target oil and gas concession, valid to 2034. MetalNRG is entering into the exclusivity agreement in collaboration with a London-based oil and gas investment specialist.
In 2008, OMV Petrom entered a Joint venture with ExxonMobil for the exploration of the Neptun Block in the deepwater sector of the Black Sea. The block covers an area of approximately 7,500 square kilometres in water depths ranging from 100-1,700 meters.
Over 1.5 billion USD were invested between 2008 and 2016 in exploration and appraisal activities in the Neptun Deep block. The exploration included two 3D acquisition campaigns and two exploration drilling campaigns, with eight exploration and appraisal wells drilled.
In 2012, Domino-1, the first deepwater exploration well in Romania, confirmed the existence of a natural gas reservoir.
In January 2016, the second exploration drilling campaign in the Romanian deep water sector of the Black Sea was successfully completed, with seven wells drilled, the majority of them having encountering gas.
In 2017, extensive engineering activities took place in preparation for the potential final investment decision.
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