Explorers ADX Energy (ASX: ADX) and Caspian Oil & Gas (ASX: CIG) have signed an exploration block concession agreement in Romania with Agentia Nationala Pentru Resurse Minerale (NAMR).
ADX Energy (60% and operator), Caspian (20%) and Sibinga Petroleum (20%) were involved in the tenth bidding round in 2010 for blocks in the Romanian Pannonian Basin.
ADX Energy said the PARTA block has an area of 1221 square kilometres and is located in the southern Pannonian basin area, which has seven oil and gas fields, but is still considered underexplored.
The company has identified 12 leads and prospects which are estimated to contain a total of 47 million barrels of oil and 480 billion cubic feet of gas (recoverable mean prospective resource potential).
Once the Romanian Government has ratified the concession agreement which is anticipated in May 2011, seismic operations will commence.