Black Sea Oil & Gas SRL awards drilling rig contract for two offshore wells in the Black Sea

Bucharest Romania, 11th April 2017: Black Sea Oil & Gas SRL (“BSOG”) together with its co-venture partners announces the awarding of a contract for the drilling of two offshore exploration wells located in the XV Midia Shallow Block, Romanian Black Sea continental shelf, to the local offshore drilling services provider GSP Offshore SRL (“GSP”).

The cantilever-type jack-up drilling rig “GSP Uranus” has been contracted by BSOG for the drilling of the two exploration wells in water depths up to 100m scheduled to commence in Q4 2017. Auxiliary services such as aviation, logistics and offshore service vessels to support the drilling operations have also been contracted with GSP.

Mark Beacom, BSOG Chief Executive Officer, commented: “The Midia Block Concession Holders are targeting prospects that not only could add to the resource base of the Concession Holders but, more importantly, could feed the Midia Gas Development Project currently consisting of the Ana and Doina discoveries that is currently heading towards development approval”.

BSOG is currently obtaining all the approvals required to develop the Midia Gas Development Project. These approvals include NAMR and ANRE approvals, environmental and construction approvals and authorizations from local and national authorities, Transgaz approval as well as shareholder and partner approvals. Although there are many regulatory challenges ahead the partner group is targeting obtaining these approvals in 2017. Once this has been achieved then it will take a further 2 years to build the offshore platform, drill the development wells, lay the offshore and onshore pipelines and construct the Gas treatment plant.

Black Sea Oil & Gas SRL, wholly owned by Carlyle International Energy Partners, is a Romanian based independent oil and gas company, targeting exploration and development of conventional oil & gas resources. The company’s current portfolio is made up of XV Midia Shallow Block and XIII Pelican Block concession in the Romanian Black Sea where it is the operator and holds a 65% interest.

For further information: visit www.blackseaog.com or contact:

office@blackseaog.com

Tel: +40 21 231 32 56

Mark Beacom, CEO Black Sea Oil & Gas SRL

Black Sea Oil & Gas SRL announces award of Midia Gas Development FEED contract

Bucharest Romania, 17 November 2016: Black Sea Oil & Gas SRL (“BSOG”) is pleased to announce that it has awarded, together with its co-venture partners, the contract for the Front End Engineering and Design (FEED) of its Offshore and Onshore facilities for the development of Ana and Doina Gas Discoveries on XV Midia Shallow Block, offshore Romania (the “Midia Gas Development Project”).

The successful contractor for the FEED contract is Xodus Group, an integrated services company, that spans numerous disciplines involved in delivering complex projects including subsurface, process and facilities, subsea and pipelines, flow assurance, wells, integrity, vibration, safety, risk, environment and commercial advice.

Mark Beacom, BSOG Chief Executive Officer, commented: “With this award we take a major step forward in delivering this offshore gas development in Romania’s Black Sea with expectations that we will reach Final Investment Decision in 2017. We look forward to once again working with Xodus Group”.

FEED is the project development phase in which plans for the Onshore and Offshore facilities are defined, engineered, designed and evaluated in more detail by a contracted engineering company.

Offshore and Onshore FEED services to be provided by Xodus include engineering and design for the Midia Gas Development which consists of:

  • Well-head Platform (Jacket) at Ana (water depth ~69,5m) receiving and supporting production from a subsea tie-back from Doina subsea well controlled through umbilical;
  • In-field pipeline from Doina subsea well to Ana Well-head Platform (~18km) and offshore export pipeline from Ana Well-head Platform to shore (~121km);
  • Onshore pipeline to Gas Treatment Plant (~5km) and also the Gas Treatment Plant (“GTP”) itself;

Wim van der Zande CEO of Xodus Group said: “The development of the XV Midia Shallow Block is of strategic importance to gas production in the region and we are pleased to be continuing to support BSOG on its plans to develop the Ana and Doina discoveries. Xodus Group continues to grow experience in the Black Sea and the new contract allows us to draw on our global expertise of delivering fully integrated engineering projects.”

Black Sea Oil & Gas SRL, wholly owned by Carlyle International Energy Partners, is a Romanian based independent oil and gas company, targeting exploration and development of conventional oil & gas resources. The company’s current portfolio is made up of XV Midia Shallow Block and XIII Pelican Block concession in the Romanian Black Sea where it is the operator and holds a 65% interest.

For further information: visit www.blackseaog.com or contact:

office@blackseaog.com

Tel: +40 21 231 32 56

Mark Beacom, CEO Black Sea Oil & Gas SRL

Black Sea Oil & Gas SRL completes 3D seismic survey in the Black Sea, Midia Shallow Block

Bucharest, Romania, Friday, 24 June 2016: Black Sea Oil & Gas SRL (“BSOG)” and its coventure partners are pleased to announce that they have successfully completed the acquisition of a 3D seismic survey on the Midia Shallow Block in the Romanian sector of the Black Sea, covering 1,042 km2. BSOG was the operator of the seismic program.

The 34-day seismic acquisition program has been performed aboard Dolphin Geophysical LTD’s Polar Marquis equipped with 10 streamers 6 kilometers long to collect the detailed 3D seismic data. No environmental or safety incidents were recorded during the survey.

The data will now be processed with an initial fast track processed data set expected to be delivered in September and a PreSDM processed volume in Q2 2017.

BSOG will use data collected from this seismic program to determine the best prospects for the 2017/2018 exploration drilling in the Midia Shallow block, on the same trend as Ana and Doina gas discoveries.

Mark Beacom, BSOG Chief Executive Officer, commented: “Very good progress continues to be made with our exploration activities with the acquisition of this new Midia 3D seismic survey, in a very short period of time since BSOG took over operatorship of the Midia and Pelican Blocks. The survey was completed without incident which is testament to BSOG’s planning and operating capability. The Midia 3D dataset is expected to provide an excellent definition subsurface image of Dacian and Pontian (Miocene) structures and provide a number of prospects from which to select for drilling in 2017/2018. The company is looking forward to receiving the fast track data.”

Black Sea Oil & Gas SRL is a Romanian based independent oil and gas company, targeting exploration and development of conventional oil & gas resources. The company’s current portfolio is made up of Midia Shallow concession (XIII Pelican & XV Midia blocks) in the Romanian Black Sea containing the Ana, Doina and Eugenia gas discoveries as well as a portfolio of prospects and leads in the Midia block. Black Sea Oil & Gas holds a 65% interest and is the operator of the concession.

 

For further information: visit www.blackseaog.com or contact:

office@blackseaog.com

Tel: 021 231 32 56

Mark Beacom, CEO Black Sea Oil & Gas SRL

Black Sea Oil & Gas SRL and its co-venture partners have entered into an agreement with GC Rieber Shipping ASA for seismic acquisition

GC Rieber Shipping secures 45 day job for Polar Marquis in the Black Sea

GC Rieber Shipping ASA, through its wholly owned subsidiary Dolphin Geophysical LTD, has entered into an agreement for seismic acquisition and processing services, including the delivery of a fast track 3D volume for Black Sea Oil & Gas S.R.L and its co-venture partners. The job will utilize the 16 streamer vessel Polar Marquis, towing a high resolution multistreamer configuration. Commencement is shortly and the vessel acquisition will take place offshore the Romanian coast of the Black Sea.

“In this challenging market we’re pleased to see that clients value our highly advanced assets and our ability to adapt to specific needs, together with the high quality acquisition and processing services delivered by Dolphin Geophysical LTD.”, says CEO Irene Waage Basili.

For further information, please contact:

CEO Irene Waage Basili, tel.: +47 55 60 68 67, or +47 900 98 688

CFO Einar Ytredal, tel.: +47 55 60 68 54, or +47 975 20 184

About GC Rieber Shipping:

GC Rieber Shipping’s business within offshore/shipping includes ownership in specialized vessels, high quality marine ship management and project development within the segments subsea, ice/support and marine seismic. The group has a specialized competence in offshore operations in harsh environments as well as design, development and maritime operation of offshore vessels.

GC Rieber Shipping currently operates 13 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments, of which the company owns 11.

The company has its headquarter and a ship management office in Bergen, and an additional ship management company in Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo Børs with ticker RISH.

Further information is available on the company’s website www.gcrieber-shipping.com.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Black Sea Oil & Gas SRL and S.N.T.G.N. Transgaz S.A. sign a Cooperation Agreement

On 30th December 2015 BSOG and its Joint Venture partners in the Midia Gas Development (“MGD”), Petro Ventures Europe BV and Gas Plus International BV, signed a Cooperation Agreement with S.N.T.G.N. Transgaz S.A. under which the Parties agreed to cooperate in good faith and use all reasonable efforts to align plans and schedules in order to achieve a timely suitable connection between the XV MIDIA Block and the NTS.

New Oil and Gas company in Romania

Bucharest, Romania, 27 August 2015: Following the announcements made today by Sterling Resources Ltd. (“Sterling”) regarding Carlyle’s acquisition of Sterling’s Romanian business, we are pleased to introduce, Black Sea Oil & Gas SRL (“BSOG”) – formerly Midia Resources SRL.

The company’s portfolio is made up of three offshore blocks in the Romanian Black Sea totalling 5.000 km2 gross: XIII Pelican, XV Midia Shallow and EX-25 Luceafarul which contain the Ana, Doina, Luceafarul and Eugenia gas discoveries.

The team at BSOG look forward to working with all stakeholders in Romania, including National Agency for Mineral Resources, Environmental Protection Agency, the ministries, local authorities and communities, suppliers, consultants, contractors and the general public. In particular, the team is looking forward to overcoming the challenges faced in delivering offshore development in the Black Sea and to investigating new opportunities in Romania and the region.

For further information: visit www.blackseaog.com or contact:
office@blackseaog.com
Phone: 021 231 32 56
Mark Beacom, CEO Black Sea Oil & Gas SRL

The Carlyle Group to acquire Sterling Resources Ltd.’s Romanian business

Will form the basis for a regional oil & gas development platform

Bucharest / London: Global alternative asset manager, The Carlyle Group (NASDAQ: CG), has agreed to acquire Midia Resources SRL, which is the entire Romanian business of Sterling Resources Ltd. (TSX-V: SLG). The acquisition includes license blocks 13 Pelican, 15 Midia, 25 Luceafarul and 27 Muridava, and will be structured as a corporate acquisition of Sterling’s wholly-owned subsidiary Midia Resources SRL. These assets, located in the Romanian Black Sea, contain a number of significant gas discoveries and have net 2C Resources of 51mmboe and net Prospective Resources of 375mmboe1.
Marcel Van Poecke, Head of Carlyle’s international energy team, said: “We are investing in the future of energy for South East Europe. Our team’s expertise and resources can help deliver the production capacity and infrastructure needed to ensure the company becomes a significant regional gas producer.”
In addition to the initial consideration paid for the acquisition of Midia, Carlyle International Energy Partners (CIEP) will also fund the future development of the assets, which is expected to constitute a sizable inward investment into Romania. The development project will focus on drilling, infrastructure construction, production and sale of gas to market. The current Midia team will remain in place, with additional resources added to deliver this important project, with the aim of the company becoming a significant regional energy player in the near term.
Capital for this investment will come from CIEP, a $2.5 billion fund that invests in global oil and gas exploration and production, mid- & downstream, oil field services and refining and marketing in Europe, Africa, Latin America and Asia. This acquisition will be the fourth investment by the fund. The transaction is expected to close by the end of the second quarter of 2015 subject to typical conditions, including statutory Romanian approvals and the consent of certain participants in the Romanian concessions.

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