According to the quoted source, the price can be adjusted positively by up to $ 10 million.
„The Board of Directors of SNGN ROMGAZ SA approved, in the meeting of November 2, 2021, the following:
a) the acquisition by SNGN ROMGAZ SA 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 assumed by the Concession Agreement for oil exploration, development and exploitation in perimeter XIX Neptune Deep Water Zone (hereinafter referred to as the Transaction)
b) concluding the sale-purchase contract of all shares issued by (representing 100% of the share capital of) ExxonMobil Exploration and Production Romania Limited to be concluded by SNGN ROMGAZ SA, as Buyer, with ExxonMobil Exploration and Production Romania Holdings Limited, ExxonMobil Exploration and Production Romania (Domino) Limited, ExxonMobil Exploration and Production Romania (Pelican South) Limited, ExxonMobil Exploration and Production Romania (Califar) Limited and ExxonMobil Exploration and Production Romania (Nard) Limited, as Sellers (referred to in continuation of the Sale-Purchase Contract). ”, transmit the BVB representatives.
According to the quoted source, the Sale – Purchase contract will be signed by SNGN ROMGAZ SA only after:
– approval of the Transaction and the Sale – Purchase Contract by the Extraordinary General Meeting of Shareholders of SNGN ROMGAZ SA
– approval of the Transaction and the Sale – Purchase Contract by the competent corporate bodies of the Sellers.
“The purchase price to be paid by SNGN ROMGAZ SA for the value of all shares issued by ExxonMobil Exploration and Production Romania Limited will be $ 1,060,000,000 which can be adjusted positively with a maximum value of up to $ 10,000,000 over time that the negative adjustment is not limited. ”, states BVB.
The quoted source mentions that, at the signing of the Sale-Purchase Agreement, Romgaz will have the obligation to pay to the Sellers an amount equal to 106,000,000 dollars (one hundred and six million USD), representing an advance / deposit.
“After fulfilling the suspensive conditions necessary to complete the Transaction, as they will be regulated in the Sale-Purchase Agreement, SNGN ROMGAZ SA will pay the amount representing the difference between the purchase price and the advance / deposit paid upon signing the Sale-Purchase Agreement.” quoted source
One week ago, Romgaz announced the completion of exclusive negotiations and an agreement with ExxonMobil Romania on the terms and conditions for acquiring a stake in the Neptun Deep project, and estimated that the transaction could be completed in the first quarter of 2022.
„SNGN Romgaz SA and ExxonMobil Exploration and Production Romania Holdings Ltd. completed the exclusive negotiations and reached an agreement on the terms and conditions related to the acquisition 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 assumed by the Concession Agreement for oil exploration, development and exploitation in the perimeter XIX Neptun Deep Water Zone, as well as regarding the transfer of the project operator to OMV Petrom SA starting with the completion date of the transaction “, announced BVB.
On June 17, 2021, the two parties signed an Exclusivity Agreement by which the seller granted Romgaz an exclusive right for a period of 4 months (until October 15, 2021) regarding the acquisition negotiations of all issued shares. by ExxonMobil Romania, which holds 50% of the acquired rights and obligations assumed by the Concession Agreement for oil exploration, development and exploitation in the perimeter XIX Neptun Deep Water Zone.
Subsequently, the term was extended until November 15, 2021.
According to News.ro, OMV Petrom, the largest energy company in Southeast Europe and Romgaz, announced in April that it will become an operator, if Romgaz completes its takeover of the Neptun Deep project, and Romgaz’s offer is accepted by ExxonMobil.
Exxon Mobil and OMV Petrom were exploring the deep Neptune block in the Black Sea, where preliminary results showed reserves of 42-84 billion cubic meters of gas (Romania consumes 11 billion a year), but the companies postponed the decision to go further. away with the extraction stage.
The development of the Neptun Deep perimeter could be the first production of hydrocarbons in deep waters in Romania. The Neptune perimeter is, for example, 200 km from land, and all infrastructure, including pipelines, must be built.
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