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Romgaz takeover of Exxon stake in Neptun Deep to be completed in Q2

BLACK SEA
OIL & GAS

Romgaz takeover of Exxon stake in Neptun Deep to be completed in Q2

Romgaz’s Board of Directors approved the sale-purchase contract of all the shares issued by ExxonMobil Exploration and Production Romania Limited, which holds 50 percent of the exploitation rights of the Neptun Deep offshore perimeter in the Black Sea, where it is estimated that gas can be extracted about 100 billion cubic meters. Romgaz’s General Meeting of Shareholders is scheduled to meet on April 28 to approve the 1.06 billion USD acquisition. - TheDiplomat

„The Board of Directors of S.N.G.N. ROMGAZ SA, on March 22, 2022, approved the conclusion of the sale-purchase contract of all shares issued by (representing 100 percent of the share capital of) ExxonMobil Exploration and Production Romania Limited which holds 50 percent of the acquired rights and obligations assumed by Oil Agreement for the eastern zone, the deep water zone, of the offshore perimeter XIX Neptun from the Black Sea.

The contract is to be signed after the approval of the Extraordinary General Meeting of Shareholders of S.N.G.N ROMGAZ S.A. convened for 28.04.2022, and the completion of the transaction is conditioned by the fulfillment of the conditions precedent in the contract.

The purchase price paid by S.N.G.N. ROMGAZ S.A. it will be of 1,060,000,000 USD and can be adjusted according to the mechanisms provided in the share sale-purchase contract,” a release shows.

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