Parta Project Farm-in Onshore Romania

  • TMK has acquired the right to earn a 50% interest in the Parta exploration licence, covering 1,155km2 in a proven oil and gas province, onshore Romania
  • TMK will fund the first US$1.5 million of a new 3D seismic program, with seismic acquisition to commence Q4 2019
  • The 3D seismic is likely to generate high quality targets with multiple stacked oil and gas pay zones (less than 2,500m depth), with intent to drill several targets next year
  • Recent track record of high success rates by other companies drilling on new 3D seismic in the province
  • Partner and licence operator ADX Energy (ASX: ADX) is currently drilling an adjacent appraisal well testing analogue targets
  • Low cost operating environment; established infrastructure nearby; strong domestic demand for oil and gas
  • Long history of oil and gas production in Romania; attractive fiscal terms; stable and fair regulatory environment
Figure 1: Map of the Parta Licence area and proposed new 3D seismic area Image courtesy of ADX Energy (Farm-in Partner)