ADX Energy of Australia has signed a concession agreement with Agentia Nationala Pentru Resurse Minerale (NAMR) for exploration block EX-10 PARTA in Romania.
The PARTA block, which covers an area of 1,221km², is located in the southern Pannonian basin area of western Romania and has seven unexplored oil and gas fields.
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ADX has identified 12 leads and prospects on existing seismic, with an estimated 47 million barrels of oil and 480 billion cubic feet of gas.
The company plans to commence seismic operations after the Romanian Government has ratified the concession agreement, which is expected in May 2011.
