Major EU Energy Company to Initiate Review of Vratsa Project
In Search of New and Underexplored Opportunities Vratsa Permit Awarded
SPM Bulgaria signed on 29 May, 2019 the largest single onshore EU exploration permit of 1.2 mln acres (4887 sq km) in NW Bulgaria with Multi-TCF gas potential
Exploration wells prove a working petroleum system to 5200 meters of liquid-rich gas and condensate and verified deep porosity
Diverse play portfolio proven across the permit from heritage data and offset acreage. Calculated P50 of 685 BCF from 2 of 7 leads. Chiren field 267 BCF lies on border of SPM permit and on trend of leads
Corporate News Updates
October 18, 2019 Major EU Energy Company 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.
Exploration evaluation initiated Q3 2019
Contact Company for Prospectus
SPM Bulgaria LLC
885 Arapahoe Avenue, Boulder, Colorado 80302, United States