GLENSIDE, Australia – Beach Petroleum is taking a 30% stake in the Est Cobalcescu (Ex-28) concession in the Black Sea offshore Romania.
The company could commit a total of $24.8 million to the planned program on the block over the next three years, some of the spending directed at the current acquisition of 1,000 sq km (386 sq mi) of 3D seismic data.
Other partners in the joint venture are Melrose Resources and Petromar Resources. The concession agreement covers a maximum 10-year exploration phase and a 30-year production phase.
The Est Cobalcescu (Ex-28) spans 1,000 sq km (386 sq mi), with an average water depth less than 100 m (328 ft). It is adjacent to ExxonMobil’s deepwater block, where a large discovery was made earlier this year, and holds potentially up to 3 tcf of gas, according to Beach.
To the east are the Olimpiskiyi (30 MMboe) and Lebada (270 MMboe) oil and gas fields.