Romania Parta Oil Field25 Jun 2022 10:23
In early June 2021 permission was granted by Austrian Authorities for an 18 month extension to enable ADX to find another joint venture partner to help fund the development following the withdrawal of Tamaska earlier that year.
Danube Petroleum is 51% owned by Reabold Resources and 49% by Australian company ADX.
Earlier this month in a conversation with an Oil and Gas expert the Chairman of ADX Ian Tachios went into great detail of their Austrian fields and was 'bullish' about the success that they hoped to find there.
Significantly the Romanian Parta exploration field was never mentioned!
After more than 1 year now it is looking like no joint venture partner will be found, and the clock is ticking until December when the extension granted runs out. It does not bode well I'm afraid for the Parta project.
OMO and G.L to investors in RBD.