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Romgaz-Extending the exploration period for several petroleum blocks

Due to the positive results obtained further to implementing the 2011-2016 work program, Romgaz and ANRM agreed to continue exploration activities in the afore-mentioned blocks. The parties have signed an addendum which extends the exploration period for the 8 blocks and establishes a new work program to be implemented during 2016-2021. The addendum must be approved by Decision to be issued by the Romanian Government.

By signing the addendum, Romgaz has identified a long-term production potential which aims at ensuring a constant efficient reserve replacement rate and at consolidating the investors’ trust in the company’s assets [...]