Danube Petroleum Limited’s subsidiary ADX Energy Panonia has signed a binding agreement with Parta Energy to fund a planned $1.5 million seismic programme on Danube’s Parta Exploration Licence onshore Romania.
Following the withdrawal of its previous exploration license partner, RAG, ADX Panonia now holds 100% interest in the Parta Exploration license.
Reabold Resources' (RBD) , which has a 33% share in Danube Petroleum, Co-CEO Stephen Williams argued the news is “a highly encouraging development for Danube and we are also encouraged to see additional interest in putting capital to work in Romania.
With RAG making the decision to withdraw from all E&P activities, their 50 per cent. equity position has effectively been swapped into an enthusiastic new entrant that is putting an additional US$1.5 million into the asset, to further develop the Licence.
Providing funding for the first $1.5 million of the 3D seismic programme, planned for Q3 2019, secures a 50% interest in the license for Parta Energy.
The Parta Exploration Licence are intended to provide low risk, high reward exploration follow-up drilling locations for Danube, and those affiliated, following on from the Parta Appraisal Programme.
Danube Petroleum Limited’s subsidiary ADX Energy Panonia has signed a binding agreement with Parta Energy to fund a planned $1.5 million seismic programme on Danube’s Parta Exploration Licence onshore Romania.
Following the withdrawal of its previous exploration license partner, RAG, ADX Panonia now holds 100% interest in the Parta Exploration license.
Co-CEO of Reabold Resources, which has a 33% share in Danube Petroleum, Stephen Williams argued the news is “a highly encouraging development for Danube and we are also encouraged to see additional interest in putting capital to work in Romania.
With RAG making the decision to withdraw from all E&P activities, their 50 per cent. equity position has effectively been swapped into an enthusiastic new entrant that is putting an additional US$1.5 million into the asset, to further develop the Licence.
Providing funding for the first $1.5 million of the 3D seismic programme, planned for Q3 2019, secures a 50% interest in the license for Parta Energy.
The Parta Exploration Licence are intended to provide low risk, high reward exploration follow-up drilling locations for Danube, and those affiliated, following on from the Parta Appraisal Programme.
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