Friday | September 30, 2022 |
Market Status: CLOSED

Market News


S.N.G.N. ROMGAZ S.A. - SNG

Romgaz successfully completed the transaction with ExxonMobil

Release Date: 8/1/2022 12:45:43 PM

IRIS Code: F8D5C

August 1, 2022

 

A N N O U N C E M E N T

 

Romgaz successfully completed the transaction with ExxonMobil

 

S.N.G.N Romgaz S.A announces completion of the transaction to acquire and the transfer of all shares issued by (representing 100% of the share capital of) ExxonMobil Exploration and Production Romania Limited which holds 50% of the acquired rights and obligations under the Petroleum Agreement for the Deep Water Zone of Neptun XIX offshore  Block in the Black Sea.

 

The transaction completed today, August 1, 2022 was conditioned upon fulfilling the conditions precedent provided in the sale purchase agreement concluded on May 3, 2022 between S.N.G.N Romgaz S.A and the Sellers.

 

All conditions precedent were successfully fulfilled in line with contractual provisions.

 

S.N.G.N ROMGAZ S.A Chief Executive Officer, Aristotel Jude, stated:

“The successful completion of the transaction is a special accomplishment for Romgaz business portfolio. Neptun Deep Project has an important and strategic significance for Romania for ensuring our country’s energy security, especially in the current geopolitical context. We are determined to proceed to the development-production phase in the shortest time, together with our partner. I would like to thank Romgaz team for the continued efforts to fulfil this strategic objective of our company, as well as to all parties involved in this transaction.”

In his turn, S.N.G.N ROMGAZ S.A Chief Financial Officer, Razvan Popescu, stated:

”The transaction is an important investment made by Romgaz, in line with the company’s development strategy. In the next period we will continue to carry out the necessary formalities to ensure financing of Romgaz participating interest to the development of Neptun Deep Project.”

 

We mention that S.N.G.N. ROMGAZ S.A. Extraordinary General Meeting of Shareholders approved:

  • on December 10, 2021 the transaction to acquire all shares issued by (representing 100% of the share capital of) ExxonMobil Exploration and Production Romania Limited which holds 50% of the acquired rights and obligations under the Petroleum Agreement for the Deep Water Zone of Neptun XIX offshore  Block in the Black Sea;
  • on April 28, 2022 the conclusion of the sale purchase agreement.

 

Chief Executive Officer,

Aristotel Marius JUDE

 



 Print

Information provided by IRIS, the news platform of the Bucharest Stock Exchange.

______________________

Bucharest Stock Exchange ("BVB") is not responsible for the content of this News item. Issuers whose financial instruments are traded on markets operated by BVB are required to report in accordance with current legal and regulatory provisions. BVB publishes these Reports as market administrator, appointed by ASF. When, for investors’ information, Reports are published, either signed by different persons, or with conflicting information, legal liability lies fully with the signatories. BVB disclaims any obligation or responsibility towards issuers or third parties, regarding the reality, completeness and accuracy of information provided by them and distributed by BVB. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.


©2016 Bucharest Stock Exchange. All rights reserved