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OMV Petrom SA and Exxon Mobil Corp's Exxon Mobil Exploration and Production Romania Limited Sign Agreement for Societatea Nationala de Gaze Naturale Romgaz SA to Participate in Midia Block


Wednesday, 13 Feb 2013 09:59am EST 

OMV Petrom SA (OMVP) announced that OMVP and Exxon Mobil Corp's Exxon Mobil Exploration and Production Romania Limited (EMEPRL) have signed an agreement with Societatea Nationala de Gaze Naturale Romgaz SA (Romgaz) to grant Romgaz the option to participate in petroleum operations in the deeper water portion of the Midia Block (MB) in the Black Sea offshore Romania. EMEPRL and OMVP signed a Transfer Agreement (TA) in October 2012 with Sterling Resources Ltd and Petro Ventures Europe BV for the purchase of an 85% interest in the hydrocarbon exploration and production rights to a portion of the XV Midia Block in the Romanian Black Sea. The TA is not yet effective and is subject to several conditions which are in the process of being fulfilled, including approvals from relevant authorities. At the time when the transfer becomes effective, the participating interests will be as follows: EMPERL 42.5%, OMVP 42.5% and Gas Plus International BV maintains its 15% interest. Based on the agreed terms, Romgaz has the option to purchase 10% of the participating interest in MB, from EMEPRL and OMVP. Romgaz’s option to enter is triggered by the TA becoming effective and an announcement of a commercial discovery. The MB area is adjacent to the Neptun block. EMEPRL will be the operator of the petroleum operations in the deeper water portion of the MB. 

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