The concessions were awarded in the Romanian 10th Licensing Round in June 2010 to Melrose and its partner, Petromar Resources, whose interests in the blocks are 80% and 20%, respectively.

The concession agreements contain a three year initial term followed by an optional three year extension.

The firm work program for each block comprises 2D and 3D seismic acquisition in the first year, one well in second year and two wells in the final year.

In due course, the company may consider reducing its working interest in the blocks and expects to spend approximately $60m net on exploration activities during the initial term of the concessions.

 

The new licenses are located in shallow water in the Western Black Sea and have a combined area of 2,000sq km.