Danube Petroleum has purchased 100% interest in the Iecea Marea Production Licence from Romanian production company Amromco Energy Plc. The announcement was released today by Reabold Resources Plc  (RBD) which holds a 29% interest in Danube.

The operator of the Licence has contracted a rig and drilling is expected to begin in Q1 2019. The Sales and Purchase Agreement (SPA) grants an optimal geographic location for drilling for both existing and prospective high-value gas production opportunities.

Under the Sales and Purchase Agreement (SPA), Danube has paid an initial fee of €10,000 which will be followed by an additional €20,000 and a 5% royalty for production from future wells situated in the licence.

Sachin Oza, Co-Ceo of Reabold, says the company is thrilled with the SPA as it opens up a wealth of opportunities; “With the acquisition of the Iecea Marea Production Licence, Danube… has the ability for rabid tie in of gas production particularly given the proximal location of the active Calacea gas plant.”In the exclusive Vox podcast below, Mr. Oza explains Reabold’s strategy both in its eye to Romania and its reimagination of the future of oil and gas investment. Take a listen: Vox Media Player

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