ADX Energy (ASX: ADX) and Austrian private company Rohoelaufsuchungsgesellschaft (RAG) have secured experienced Romanian contractor S.C. Prospectiuni S.A. to shoot 2D and 3D seismic on their Parta Permit in Romania.
This will fulfil part of the forward work commitment for Parta, which also requires the drilling of two exploration wells.
Prospectiuni is able to start operations a month after the Romanian Government ratifies the already executed concession agreement.
Parta covers 1,221 square kilometres in the southern Pannonian Basin. It covers 7 excised oil and gas fields and is considered underexplored.
Several conventional oil and gas leads and prospects are estimated to contain a total of 112 million barrels of oil and 300 billion cubic feet of gas with main target depths ranging from 800 metres to 2,000 metres.
RAG is the operator with a 50% interest in Parta while ADX holds the remaining 50%.
Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.