ADX secures 18-month Parta extension in Romania

ADX Energy has secured a 18-month extension on the exploration phase of its licence for the Parta gas project in western Romania until December 3, 2022, the company said in a stock exchange filing in Sydney on June 21.

ADX said the extension would give it time to source alternate funding for a 100-km2 3D seismic survey, which was delayed after Australian junior Tamaska Oil & Gas, which had agreed to fund the work under a farm-in agreement, defaulted on its commitment.

The Parta licence covers an area surrounding the Iecea Mare production licence site, where the Iecea Mica-1 well made a discovery in late 2019. ADX operates both licences with a 49% interest, while London-listed partner Reabold Resources holds the remaining interest.

The aim of the survey is to mature a number of leads and prospects, building on existing 2D seismic data, in order to identify appraisal and exploration opportunities.