SPM Bulgaria announced in late October 2019 that a major European energy company has agreed to purchase the 1-25 Vratsa-Zapad dataset. The company, whose name remains undisclosed, is considering farming-in to the licence. The exploration licence is approximately 4,900 sq km and SPM Bulgaria estimate the total P50 for two of the leads to be 685 Bcfg. In January 2020 there had been no further information released regarding the farm-in opportunity.  The block is situated in the north-western part of Bulgaria about 2.5 km west of the Chiren field and 50 km west the Deventsi 1 discovery. The company identified seven leads that are on trend with the nearby Chiren Field. The exploration work program is currently under preparation prior to submission to the Ministry of Energy and Ministry of Environment and Water.Â The minimum work requirement on the licence is to acquire some 800 km of 2D seismic and 250 km sq of 3D seismic. There is no obligation to drill a well. The requirements will be satisfied by the work program since it is anticipated that SPM will: carry out some reprocessing and reinterpretation of the current subsurface data in year one, acquire approximately 4,000 km of 2D seismic data and approximately 1000 km sq of 3D seismic data over prospective structures in year two, and drill one or more wells in year three.    The authorization for prospecting and exploration is for a five-year term with two optional two-year extensions.Â Societa Petrolifera Mediterranea was declared as the bid winner on 30 August 2017. On 20 March 2019 the Council of Ministers signed the preliminary award of the licenceÂ with Societa Petrolifera Mediterranea who started looking for a partner. Instead of finding a partner for the licence, Societa Petrolifera Mediterranea together with Oro Negro created SPM Bulgaria. On 29 May 2019 SPM Bulgaria was officially awarded block 1-25 Vratsa-Zapad.Â The signature bonus amounted to EUR 210,000 and the company is expected to invest EUR 7.4 million.    Interest in the licence is held solely by SPM Bulgaria LLC (owned by Societa Petrolifera Mediterranea and Oro Negro).
SPM Bulgaria announced in late October 2019 that a major European energy company has agreed to purchase the 1-25 Vratsa-Zapad dataset. The company, whose name remains undisclosed, is considering farming-in to the licence.