The company aims to acquire the participation held by OMV Offshore Bulgaria GmbH in the Han Asparuh exploration license in Bulgaria.

OMV Petrom published a document on the Bucharest Stock Exchange announcing that they are aiming to acquire the participation held by OMV Offshore Bulgaria GmbH in the Han Asparuh exploration license in Bulgaria. This would be done by acquiring all its shares from OMV Exploration & Production GmbH. Closing of the transaction is subject to certain conditions precedent and is expected by mid-2020.

OMV Offshore Bulgaria GmbH currently holds a 30% working interest in the deepwater offshore Han Asparuh exploration Block, located in the western part of the Black Sea, within a joint venture led by Total as operator.

The first exploration well, Polshkov-1, was drilled by the current joint venture in 2016. This was followed by the drilling of two further exploration wells in 2017 (Rubin 1) and 2018 (Melnik 1).

OMV Petrom’s member of Executive Board stated that the acquisition is in line with our strategy to increase their regional presence and is a natural addition, taking into account our portfolio in the Black Sea.