REG - S.N.G.N. Romgaz S.A. - Announcement - Petroleum agreements Sep. 28 2017 <Origin Href="QuoteRef">ROSNG.BX</Origin>

Societatea Nationala de Gaze Naturale Romgaz SAAnnouncement

28/09/2017 10:16

RNS Number : 0975S
S.N.G.N. Romgaz S.A.
28 September 2017
 
September 28, 2017
A N N O U N C E M E N T
Societatea Nationala de Gaze Naturale "ROMGAZ" S.A. informs its shareholders and investors on the following:
For a number of natural gas commercial fields governed by petroleum agreements, the initial volume of proved reserves was increased following investment works. Consequently, their exploitation term is longer than the one initially estimated (which was less than the 30 years legal limit stipulated by the Petroleum Law no.238/2004).
In this context, on September 27, 2017, the Romanian Government approved:
 The Petroleum Concession Agreements for development-exploitation and the Petroleum Concession Agreements for exploitation concluded between the National Agency for Mineral Resources and S.N.G.N. ROMGAZ S.A. for a number of 54 commercial fields; 
 The Petroleum Concession Agreements for development-exploitation concluded between the National Agency for Mineral Resources and S.N.G.N. ROMGAZ S.A. and Amromco Energy S.R.L. for a number of 8 commercial fields.
The approval of these petroleum agreements confirms the existence of concession rights and consequently the right to exploit such blocks, eliminating the risk on the validity of these petroleum agreements mentioned in the Initial Public Offering Prospect of S.N.G.N. ROMGAZ S.A. 
The approved petroleum concession agreements will enter into force on the date the Romanian Government Decisions will be published in the Romanian Official Gazette, Part I.
Director General,
VIRGIL - MARIUS METEA

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