Romania Authorities Approve Iecea Mare Production License Transfer Within Parta Permit Onshore Romania

Source Press Release
Company ADX Energy LtdAmromco Energy 
Tags Asset Deals, Deals, Upstream Activities
Date October 25, 2018

ADX Energy Ltd (ASX Code: ADX) is pleased to announce that the Romanian Designated Authority has approved the transfer of the Iecea Mare Production license (“License”) from the Romanian production company  Amromco Energy SRL (“Amromco”) to ADX’S Romanian subsidiary, ADX Energy Panonia SRL (“ADX Panonia”), pursuant to the Sales and Purchase Agreement (“SPA”) announced on 8 June 2018 for the purchase of a 100% equity interest in the License.

ADX holds a 71% interest 1 in ADX Panonia via Danube Petroleum Limited (Danube). The License area is 4.7 km2 expiring in November 2034.

The License does not contain any active oil and gas infrastructure however it overlaps mapped contingent and prospective resources that will be targeted by the upcoming Parta Appraisal Program as well as containing additional development, appraisal and exploration opportunities identified on 3D seismic.

The acquisition of the License enables one of the Parta appraisal wells to be drilled from an optimal location within the License area. Upon Appraisal Program success it is possible to locate production facilities within the License area enabling the initiation of potential production operations without the need to convert an area of the Parta Exploration permit to a production license. The location of the License proximal to the active Calacea gas plant ensures the potential for cost effective and rapid tie in of gas production. As a consequence of the transfer of the production license, ADX will become a licensed production operator in Romania. ADX will operate the Iecea Mare production license as well as the Parta Exploration Permit on behalf of Danube pursuant to a Services Agreement between the Parties.

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