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Romania (Parta Block) Exploration Asset
OPERATOR
ADX ENERGY LTD
INTEREST
50% INTEREST IN THE PARTA CONCESSION
LOCATION
PANNONIAN BASIN - ONSHORE ROMANIA
Asset Highlights
- A prospective exploration block in a proven and producing hydrocarbon province in Romania
- 1200km2 acreage with eleven identified leads
- Mean unrisked prospective resources 303 bcf of gas and 47 MMbbl of oil
- Located in a politically stable European community with favourable tax and royalty conditions
- Easy access to local infrastructure and European markets
ADX was awarded the block in October 2010. Parta Block is located in one of Romania’s prolific hydrocarbon provinces.
Geotechnical studies conducted by ADX revealed two independent play fairways with good upside potential within the migration pathway of the MAKO source kitchen (the MAKO-trough contains the Algyo Field in Hungary with produced hydrocarbons of 2.6 tcf of gas and 225 MMbbl of oil). Several oil and gas fields have been discovered in the Parta Block since the late sixties with a total of 2P reserves of 12 MMbbl of oil and 50 bcf of gas. The block is considered underexplored based on seismically identified potential.
ADX has identified (based on available limited 2D seismic coverage) eleven leads in the 1221km2 area with a total mean unrisked resources of around 300 bcf of gas and 45 MMbbl of oil respectively. The evaluated mean EMV for the permit is US$ 210 million.
ADX has signed the concession agreement with the national agency NAMR in Jan 2011 and is currently awaiting final governmental approvals.
Committed techical work program
| Seismic re-processing: | 300km |
| Acquisition of 2D seismic: | 100km |
| Acquisition of 3D seismic: | 100km2 |
| Drilling: | 2 wells in to the Pannonian Formation |