Reabold Resources plc said that an 18-month extension had been granted to its project interest in the Ex-10 Parta gas exploration licence in Romania.
The investment company holds a 51% interest in Danube Petroleum Ltd, which holds a 100% interest in Parta (including 100% interest in the Parta sole risk area) and a 100% interest in the Iecea Mare production licence in Romania.
The remaining 49% of Danube is held by ADX Energy Ltd, which is the operator.
The extension will allow exploration until 3 December 2022
EX-PARTA LICENCE
The Ex-10 Parta exploration licence covers 1,200 km² and surrounds the Iecea Mare production licence containing the suspended Iecea Mica-1 (IMIC-1) gas well drilled in late 2019.
ADX plans to source alternative funding on behalf of Danube to acquire a 100 km2 3D seismic programme that was deferred following a default by a previous partner.
The 3D seismic work programme will target appraisal opportunities within the Iecea Mare production licence as well as both exploration and appraisal targets in the large Parta exploration licence.