Romgaz to cut again its share in Poland perimeters

Romgaz is carrying negotiations with the US company Horizon General Ltd to sell half of its 30 percent share in Poland for exploring and exploiting natural gas perimeters at Cybinka and Torzym.

Romgaz intends to reduce in this way its exposure for two perimeters with unconfirmed reserves. The buyer is expected to pay the drilling procedures invoice amounting to 6 million Euros for each well.

The projects’ main operator San Leon Energy has already sold to the US company half of its share.

Romgaz approved in September last year the move to cut by half its share at Cybinka and Torzym. Horizon has proposed the same transaction terms to all its associates – paying six million Euros for each well in the two perimeters.

Before the transactions San Leon Energy had 45 percent of the shares, Romgaz 30 percent and Sceptre Oil & Gas 25 percent. The two perimeters supposedly have hydrocarbon reserves of some 19.8 million barrels of oil and 350 million cubic metres of natural gas, according to San Leon Energy estimates.

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June 2017