ADX holds a 63% shareholder interest in Danube and is contract Operator for the License and the surrounding Parta Exploration Permit in which the Production License is located.
Image: Well Access Road Construction – showing road completion and membrane (geotextile). Photo: Courtesy of ADX Energy.
ADX Energy provides progress update in relation to operational readiness for the Iecea Mica 1 appraisal well located in the Iecea Mare production license, on shore Western Romania.
Road and site construction operations are nearing completion which will enable the mobilisation of the drilling rig to commence during the coming week. All major equipment items have now been delivered and the surface conductor pipe was installed on the 23rd of July 2019. ADX expects that rig mobilisation will commence on the 29th of July 2019 and well spud is expected to occur approximately 8 days afterwards following completion of rig assembly, testing and commissioning. ADX will commence weekly operations reporting following the commencement of Rig mobilisation.
The Production License is owned 100% by ADX Energy Panonia, a wholly owned subsidiary of Danube Petroleum Limited (Danube). ADX holds a 63% shareholder interest in Danube and is contract Operator for the License and the surrounding Parta Exploration Permit in which the Production License is located. The well is being funded through equity contributions of approximately US$3 million in Danube by 37% shareholder, Reabold Resources PLC.
ADX holds a 63% shareholding in Danube Petroleum. The remaining shareholding in Danube is held by Reabold Resources Plc. Danube via its’ Romanian subsidiary, ADX Panonia, holds a 100% interest in the Parta Exploration license, including a 100% interest in the Parta Appraisal Sole Risk Project and a 100% interest in the Iecea Mare Production license.
Source: Company Press Release.