Blackstairs in Romania

In late 2007 the government announced the Eighth Round of Licencing. Twenty-six Production Blocks and nine Exploration Blocks were offered to the industry. In general, these Production Blocks are over small-medium sized accumulations requiring modest remedial investment and further technical appraisal. In most cases, they are amenable to early production and are offered under attractive "marginal field" commercial terms.

Blackstairs was the successful bidder (100% equity) for seven production blocks. Five of these are located in the Pannonian Basin of north-west Romania. The other two fields are located in the main southern Romania producing zone. The "Concession Agreements" for these seven fields were signed with the Petroleum Agency (NAMR) in July 2008. The company is currently waiting for approval to begin field operations. Blackstairs will soon begin a comprehensive technical programme. This will comprise new reservoir studies, seismic and geological studies, well intervention and work-over and new production well drilling where appropriate. Surface facilities and link pipelines will also be refurbished as necessary. The objective is to restore the fields to commercial production at the earliest possible time

In late 2008 the NAMR announced the Ninth Round of Licencing. This round offered fourteen production blocks to the industry. Blackstairs was the successful applicant for an oil field in the Pannonian Basin- this field is adjacent to our existing 8th Round assets.