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Black Sea Oil & Gas delivers first gas from the MGD Project

Bucharest Romania, 15 June 2022

Bucharest, Romania, 15 June 2022: Black Sea Oil & Gas SA (“BSOG”) together with its co-venture partners, Petro Ventures Resources SRL (“Petro Ventures”) and Gas Plus Dacia SRL (“Gas Plus”) announce that production has started from the Midia Gas Development Project (“MGD Project”) and first gas was delivered to the National Transmission System (“NTS”) this afternoon.

The MGD Project is expected to deliver approximately 0.5 BCM this year, with peak production expected to be approximately 1 BCM per year for the following three years out of the ten of field life estimated for the Ana and Doina gas fields.

It is the first new offshore gas development in Romania in over 30 years and the only project under development today. It consists of 5 offshore production wells (1 subsea well at Doina field and 4 platform wells at Ana field), one unmanned production platform located on Ana field, a 126 km gas pipeline linking the Ana platform to the shore and to a new onshore gas treatment plant (“GTP”) in Corbu commune, Constanta County. The processed gas is delivered into the NTS at the gas metering station within the GTP.

Mark Beacom, BSOG’s CEO commented: “It has been a long and challenging journey to finally reach this significant milestone for the country. A number of firsts were achieved in Romania, all during a global pandemic and, more recently, conflict in Ukraine that threatened to impact Black Sea operations.

The result of all these efforts is that MGD Project provides not only 10% of Romania’s gas demand, but the path, and possibly even the infrastructure, for other developers in the Black Sea, as well as to launch a number of green energy development initiatives, making MGD an integrated energy transition infrastructure.”

About BSOG and its co-venture Partners

BSOG, owned by Carlyle International Energy Partners and the European Bank for Reconstruction and Development, is a Romanian based independent energy company, targeting offshore development of gas resources. The company’s portfolio is currently made up by the MGD Project and two production licenses at Ana and Doina gas fields in XV Midia Shallow Concession, Romanian Black Sea, where it is the operator and holds a 70% interest. BSOG operates the Concession on behalf of its partners Petro Ventures Resources SRL (20% interest) and Gas Plus Dacia SRL (10% interest).

Gas Plus is the fourth largest producer of natural gas in Italy active in the main sectors of natural gas industry, particularly in exploration, production, purchase, distribution and sale to retail customers. At 31 December 2021, the Group had 43 exploitation concessions located throughout Italy, a total of approximately 1,800 kilometres of regional distribution and transportation network in 40 municipalities, serving a total of more than 60,000 end users, with a staff of 159 employees. Gas Plus holds 10% interest of the MGD Project and two production licenses at Ana and Doina gas fields in XV Midia Shallow Concession.

Petro Ventures, a private investment group, holds 20% of the MGD Project and two production licenses at Ana and Doina gas fields in XV Midia Shallow Concession.

For further information:

visit www.blackseaog.com

or contact:

ana-maria.pericleanu@blackseaog.com

Tel: +40 21 231 32 56

Ana-Maria Pericleanu