Austria’s Rohoelaufsuchungsgesellschaft (RAG) has inked a farm in deal with Australia-based ADX Energy for its Parta licence in the onshore southern Pannonian basin area of western Romania.
RAG will make an undisclosed, upfront payment to earn a 50% stake in the permit.
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The forward work commitment for the Parta Permit requires the acquisition of 2D and 3D seismic and the drilling of three exploration wells. ADX will retain a 50% interest and operatorship.
ADX stated it has already received €3.1m in funding for the seismic programme and plans to drill exploration wells shortly.
The acreage covers seven excised oil and gas fields and is estimated to contain a recoverable mean prospective resource potential of 47 million barrels of oil and 480 billion ft³ of gas at shallow target depths of between 800m and 2000m.
The farm in deal is subject to approvals by the National Agency for Mineral Resources (NAMR) of Romania.
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By GlobalDataThe company signed the concession agreement with the NAMR in January 2011 and is currently awaiting final governmental approvals.
