SPM Bulgaria was awarded the largest single onshore EU exploration permit of 1.2 million acres (4887 square km) in NW Bulgaria with Multi-Tcf gas resource potential. Through its parent company European Natural Gas and Energy LLC, ENG is positioned to become the leading green natural gas energy company in Europe.
Diverse play portfolio proven across the permit from reprocessed data and offset acreage. Calculated P50 of 1.6 Tcf from 1 of 10 leads. Chiren field 350 Bcf lies on border of SPM permit and on trend of leads
Exploration wells prove a working petroleum system to 5200 meters of liquid-rich gas and condensate and verified deep porosity
March - European Natural Gas and Energy LLC is initiating an unique Investment Opportunity in the Vratsa permit with resource potential of multi TCF natural gas and liquids - ENG the parent company of SPM Bulgaria LLC presents an opportunity for early investment in an exceptionally large onshore exploration project with prospective resource potential of 3 to 10 TCF (trillion cubic feet) in a proven onshore petroleum basin in Bulgaria at a time when the EU is focused on gas as a bridge to renewable energy. The permit awarded to SPM is the largest single awarded onshore license in Europe and it is adjacent to Bulgaria's largest discovered onshore gas field - the Chiren Field. The block offers one of the most attractive entry opportunities available for participation in Europe's transition to a low-carbon energy future and climate neutrality.
European Natural Gas and Energy's corporate ethos is to become the leading green energy company in Europe and beyond. ENG will implement state-of-the art technology to ensure adherence to the EU Commission's December 2020 proclamation that natural gas will be the transitional energy and technology for decarbonization in order to achieve climate neutrality. To this end, ENG is aligned with EU and ESG (Environmental, Social and Governance) guidelines to ensure corporate responsibility in leading Bulgaria and the EU to a lower carbon future.
February 2021 - Covid-19 travel restrictions still in place for Bulgaria and most of Europe. Government offices are operating on remote or limited capacity.
January 2021 - Company forms new TOPCO European Natural Gas and Energy LLC replacing SPM Overseas Corporation in name only. The name change more accurately represents the company's focus for energy and geographical area. ENG&E will take the lead in evaluating new opportunities to transition Europe to clean energy, projecting gas on production by 2025. SPM Bulgaria LLC remains the Vratsa West Block 1-25 permit holder.
January 4, 2021 - Bulgaria continues support of oil and gas exploration. Declaring potential discoveries as "one of the main factors for the energy security of the country", the Bulgarian government has pledged renewed support for oil and gas exploration through its draft "Sustainable Energy Strategy to 2030 with a Horizon of 2050". CMS Law-Now article.
December 13, 2020 - The EU Commission announces natural gas wins recognition as the transitional energy and technology for bringing Europe to climate neutrality. "The European Council, which brings together the EU' s 27 national leaders, adopted a new greenhouse gas reduction target for 2030: -55%... In their conclusions, the leaders reaffirmed that it will be up to each member state to 'decide on their energy mix and to choose the most appropriate technologies to achieve collectively the 2030 climate target, including transitional technologies such as gas." (https://www.euractiv.com/section/energy/news/gas-wins-recognition-as-transitional-technology-to-climate-neutrality/)
October 2020 - Company begins purchasing technical data for internal evaluation and eventual establishment of virtual data room.
May 2020, SPM Bulgaria delayed by Covid-19 pandemic - Activation of the permit is delayed by the Ministry of Energy, awaiting removal of travel restrictions and approval of the EIA by the Ministry of Environment and Water.
October 18, 2019 Major EU Companies to initiate data review - A major European energy company, ranked among the top 5, has agreed this past week to purchase the Vratsa data set in order to evaluate SPM’s analysis of the Multi Tcf potential of the block and to review the data package for consideration of a farm-in offer. We are extremely encouraged by this development because it demonstrates, as we have proposed, that the SPM permit is viewed as a valuable asset to the European energy market. The association once finalized will de-risk exploration CAPEX for year 2 and going forward until the exploration work program is satisfied or the project progresses to development.
29 May, 2019 Exploration Permit Awarded - Dr. Paul Crevello of SPM Bulgaria LLC and the Minister of Energy Ms. Petkova signed into effect on 29 May, 2019 in Sofia the Vratsa Agreement for Prospecting and Exploration.
DECISION № 160
For the issuance of a decision for exploration and prospect of oil and natural gas – subsurface resources according to art. 2, para. 1, point 3 from the Subsurface Resources Act, in the territory of “Block 1-25 Vratsa-zapad”, located in Northwest Bulgaria. According to art. 5, para. 2 and art. 50, para. 1, point 2 from the Subsurface Resources Act, art. 60, para. 1 from the Code of Administrative Procedure, Decision No 946 of the Council of Ministers from 2016 (State Gazette, No 90 from 2016) and motivated proposal of the Minister of Energy, the Council of Ministers.
Grants permission to “SPM Bulgaria” OOD – limited liability company, with registered address 885 Arapahoe Avenue, Boulder, Colorado 80302, USA, to execute on its own account and risk exploration and prospect for oil and natural gas at the area of “Block 1-25 Vratsa-zapad” located in Northwest Bulgaria, with the coverage of 4886 sq. km., and coordinates from point No 1 to point No 155 according to the Enclosure.
The term of the current Permit is 5 years starting on the effective date of the Oil Exploration and Prospect Contract with right for prolongation according to art. 31, para. 3 from the Subsurface Resources Act and under conditions and ordinance, established with the Contract.
The rights and obligations of the Permit holder as well as the terms and requirements for the execution of the exploration and prospect under this Permit are settled in the Oil and Natural gas Exploration and Prospecting Contract.
Contact SPM for the full announcement.
Contact Company for Prospectus
SPM Bulgaria LLC
885 Arapahoe Avenue, Boulder, Colorado 80302, United States