Romgaz agrees to enter deepwater Romania venture

Offshore staff

BUCHAREST, RomaniaExxonMobil and OMV Petrom have agreed to grant Romgaz the option to participate in deepwater operations in the Midia block (Midia Deep) in the Romanian sector of the Black Sea.

EMEPRL and OMV Petrom signed a transfer agreement in October 2012 with Sterling Resources and Petro Ventures Europe to purchase an 85% interest in E&P rights to a portion of the XV Midia block. However, the agreement remains subject to several conditions which are in the process of being fulfilled, including approvals from relevant authorities.

Romgaz’s option to purchase a 10% participating interest will be triggered when the transfer agreement becomes effective.

The Midia Deep area is adjacent to the Neptun block, where ExxonMobil and OMV Petrom have discovered gas.

2/28/2013

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