Romgaz successfully completed the transaction with ExxonMobil

August 1, 2022

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, Răzvan 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


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