Romgaz SA and ExxonMobil extend until November 15 the exclusivity period regarding the negotiations related to Neptun Deep

By Edwig Ban
Romgaz SA and ExxonMobil have announced that they are extending the exclusivity period from October 15, 2021, until November 15, 2021 regarding the acquisition negotiations related to the Neptun Deep gas exploitation project in the Black Sea, according to a report sent to the Bucharest Stock Exchange.
Romgaz announced: “In order to complete the negotiations regarding the transaction of acquisition of 100% of the shares of ExxonMobil Exploration and Production Romania Limited and to obtain corporate approvals for the transaction, on October 5, 2021, S.N.G.N Romgaz S.A. and ExxonMobil Exploration and Production Romania Holdings Ltd. have agreed to extend the exclusivity period from October 15, 2021, until November 15, 2021. All other clauses of the Exclusivity Agreement remain unchanged. ”
On June 17, 2021, the parties signed an Exclusivity Agreement through that the seller granted Romgaz an exclusive right for a period of 4 months (until October 15, 2021) (“Exclusivity Agreement”) regarding the negotiations for 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.
Recently, Romgaz started the procedure for obtaining a financing of 1.6 billion lei, to cover a part of the transaction with EXXON.
In April, Aristotle Jude, the general manager of Romgaz, stated that the Romanian manufacturer is ready to take over ExxonMobil’s participation, and the financing method will be a mixed one, consisting of its own sources and attracted sources.
Currently, ExxonMobil and OMV Petrom are equal partners in the deep-sea Neptun Deep project, where exploration has revealed deposits estimated at 42-84 billion cubic meters.
ExxonMobil announced its intention to leave Romania, and OMV Petrom stated that it is possible to take the decision to invest in the Neptun Deep project next year, depending on the legislative changes in Romania and the market situation.