Australian ADX Energy, the operator of the Parta onshore license, said that the Romanian National Agency for Mineral Resources (ANRM) has approved an 18-month extension for the license. The statement from the company said that the license extension has been granted without additional work program obligations and only comes with a technology transfer fee of 14,520 euros as per the concession agreement for the 18-month period. The extension will enable ADX to source alternate funding on behalf of Danube Petroleum in order to acquire a 3D seismic program intended to further define appraisal and exploration opportunities within the Ex-10 Parta exploration license, as well as Iecea Mare production license.
Last April, Reabold Resources, ADX Energy’s partner in the Parta project. said that it delayed the testing of its IMIC-1 well at the Parta license due to restrictions enforced by authorities because of the COVID-19 pandemic. In 2019, Reabold Resources announced that it will increase its stake in Danube Petroleum to 41.6 from 37.5 % via a subscription for new ordinary shares. The remaining 58.4 % is held by Australian ADX Energy. The company made this decision in light of a recent discovery of oil and gas at Iecea Mica 1 appraisal well, within the Parta onshore perimeter in Romania. Previously, the two companies announced that they have found hydrocarbons within Iecea Mare onshore perimeter in Romania, after completing the drilling at the Iecea Mica-1 well. The statement from the companies said that the well is now being prepared for production testing. ADX Energy also said that said it now estimates 2C contingent resources of 20 billion cubic feet, up from a previous 6.1 billion.
