Sand Hill Petroleum Romania is looking to divest up to 100% of its 80% operating interest in the E X-5 Adea license in eastern Romania in the Pannonian Basin. The company is looking for a partner to fund a two phase 550-sq km 3D seismic acquisition for a consideration of USD 5.5 million (USD 3.5 million for phase 1 and USD 2 million for phase 2). Following the evaluation of the 3D survey, the partner will have the option to continue at a pre-negotiated working interest to carry out the remaining work program which includes three exploratory wells and the acquisition of 130 km of 2D seismic. The permitting for the 3D survey is underway.   The block, which is located close to the Hungarian border, holds good potential in two main plays within the Pannonian and Miocene series. The Pannonian play is proven by the Socodor gas field operated by OMV Petrom and situated within the permit area. Sand Hill Petroleum estimates the prospectivity of the license between three and 10 Bcf equivalent of recoverable hydrocarbons for the Pannonian play and between five and 20 Bcf for the Miocene play.  Interest in the E X-5 Adea permit is held by Sand Hill Romania SRL (80% - operator) and Panfora Oil and Gas SRL (20%).  For further information please contact the following:  David Westlund  Exploration Director  dwestlund@shpbv.eu
Sand Hill Petroleum Romania is looking to divest up to 100% of its 80% operating interest in the E X-5 Adea license in eastern Romania in the Pannonian Basin. 