25th Oct 2018 13:12
LONDON (Alliance News) - Oil & gas investment company Reabold Resources PLC said on Thursday its 29%-owned investee Danube Petroleum has now acquired 100% interest in the Iecea Marea production licence located onshore Romania from Amromco Energy SRL.
Danube initially bought 29% interest in the licence, and paid Amromco a fee of EUR10,000. It also further paid EUR20,000 and a 5% royalty for oil production from the licence.
The licence acquisition allows the Parta Appraisal well to be drilling from an optimal location within the area, and increases Danube's ability to develop other gas production opportunities in the area.
"I am pleased to see the ongoing progress made on our Romanian investment at Parta as we look forward to drilling in Q1 2019. With the acquisition of the Iecea Marea Production Licence, Danube, on successful appraisal, has the ability for rapid tie in of gas production particularly given the proximal location of the active Calacea gas plant," said co-Chief Executive Officer Sachin Oza.
Shares in Reabold Resources were up 3.5% at 0.75 pence on Thursday.
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