ADX Wins Romanian Exploration Block
ADX Energy is pleased to announce that it has been awarded exploration block EX-10 PARTA in Romania.
ADX and its Area of Mutual Interest (“AMI”) partners (ASX listed Caspian Oil & Gas Limited and Sibinga Petroleum Limited) have participated in the 10th bidding round and submitted bids for four blocks in the Romanian Pannonian Basin. ADX is the operator and holds 60% interest in the AMI and in the awarded block.
The PARTA block has an area of 1,221sq km and is located in the southern Pannonian basin area of Romania near the town of Timisoara. This prospective block covers 7 producing oil and gas fields and is still considered underexplored based on seismically identified prospectivity.
ADX on behalf of its partners will soon enter into negotiations with the National Agency for Minerals and Resources (“NAMR”) to discuss and finalise the terms of the royalty based exploration agreement.
The award of this exploration license in a competitively contested bidding round, represents an important achievement in line with ADX’s ongoing strategy of focusing its resources on core areas which offer proven prospectivity, materiality and potential for rapid commercialisation.