S.N.G.N. Romgaz S.A. SNGR successfully completed ExxonMobil transaction (4428U)
August 01 2022 - 4:49AM
UK Regulatory
TIDMSNGR
RNS Number : 4428U
S.N.G.N. Romgaz S.A.
01 August 2022
August 1, 2022
A N N O U N C E M E N T
Romgaz successfully completed the transaction with
ExxonMobil
S.N.G.N Romgaz S.A announces completion of the transaction to
acquire and the transfer of all shares issued by (representing 100%
of the share capital of) ExxonMobil Exploration and Production
Romania Limited which holds 50% of the acquired rights and
obligations under the Petroleum Agreement for the Deep Water Zone
of Neptun XIX offshore Block in the Black Sea.
The transaction completed today, August 1, 2022 was conditioned
upon fulfilling the conditions precedent provided in the sale
purchase agreement concluded on May 3, 2022 between S.N.G.N Romgaz
S.A and the Sellers.
All conditions precedent were successfully fulfilled in line
with contractual provisions.
S.N.G.N ROMGAZ S.A Chief Executive Officer, Aristotel Jude,
stated:
"The successful completion of the transaction is a special
accomplishment for Romgaz business portfolio. Neptun Deep Project
has an important and strategic significance for Romania for
ensuring our country's energy security, especially in the current
geopolitical context. We are determined to proceed to the
development-production phase in the shortest time, together with
our partner. I would like to thank Romgaz team for the continued
efforts to fulfil this strategic objective of our company, as well
as to all parties involved in this transaction."
In his turn, S.N.G.N ROMGAZ S.A Chief Financial Officer, R zvan
Popescu, stated:
"The transaction is an important investment made by Romgaz, in
line with the company's development strategy. In the next period we
will continue to carry out the necessary formalities to ensure
financing of Romgaz participating interest to the development of
Neptun Deep Project."
We mention that S.N.G.N. ROMGAZ S.A. Extraordinary General
Meeting of Shareholders approved:
-- on December 10, 2021 the transaction to acquire all shares
issued by (representing 100% of the share capital of) ExxonMobil
Exploration and Production Romania Limited which holds 50% of the
acquired rights and obligations under the Petroleum Agreement for
the Deep Water Zone of Neptun XIX offshore Block in the Black
Sea;
-- on April 28, 2022 the conclusion of the sale purchase agreement.
Chief Executive Officer,
Aristotel Marius JUDE
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END
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