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Award of P1X-11 Sudurau Field

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  • Award of P1X-11 Sudurau Field

    BLACKSTAIRS ENERGY PLC
    COMPANY ANNOUNCEMENT

    ROMANIA, NINTH ROUND OF PETROLEUM LICENCING AWARD OF P1X-11 SUDURAU
    FIELD

    The National Agency for Mineral Resources (NAMR) has announced the
    results of the Ninth Round of Licencing. Under the terms of the Round,
    fourteen Production Blocks were offered to the industry on a
    competitive bidding basis. The individual Production Blocks are over
    formerly producing oil and gas fields and were operated by Romanian
    state companies.

    Blackstairs Energy plc applied for four of the Production Blocks on
    offer. NAMR has advised that the company has been successful in its
    bid for the SudurÄ?u field. Under the terms of the licencing
    procedure and associated Concession Agreement, Blackstairs now has
    exclusive rights to re-develop the field and restore it to commercial
    production.

    The Sudurau field is located in Satu Mare County of north-west
    Romania, about 10 kilometres north-west of the town of Tasnad. Sudurau
    is an oil field with associated natural gas and lies in the oil and
    gas-rich Pannonian Basin. The Sudurau field lies close to Blackstairs'
    five existing Pannonian Basin oil and gas fields, acquired in 2007
    under the Eighth Round of Licencing.

    Blackstairs, at NAMR's invitation, will now enter formal discussions
    in order to finalise the terms of a Petroleum Concession Agreement for
    SudurÄ?u. A period of several months is set aside by NAMR to
    complete these formalities.

    Blackstairs has proposed technical programmes of reservoir and
    petroleum engineering studies and reprocessing of existing seismic
    data. The company will also undertake well interventions in the
    field's previously producing wells and the refurbishment of production
    facilities and pipeline infrastructure. Environmental studies and
    technology transfer projects will also be completed.

    Romania is a significant oil and gas producer and has a well developed
    oilfield infrastructure including an extensive pipeline network and
    refining capacity.

    Background Information

    Blackstairs Energy plc is an Irish-registered energy company. The
    company was founded in 2006 by Gerry Sheehan (Managing Director) and
    Bob Hamilton (Finance Director). Mr. Sheehan is a geologist and
    geophysicist and has over 27 years experience in the international oil
    sector. Mr. Hamilton is a chartered accountant. Both directors have
    previously held senior management positions in Tullow Oil plc.

    Blackstairs Energy plc is the operator of Blocks 4, 5 and 6 in the
    Republic of Armenia. These large blocks cover an area of almost 14,000
    square kilometres; they are currently being actively explored and are
    managed from the company's regional office in Yerevan, Armenia. In
    2008, Blackstairs Energy secured exclusive rights to re-develop seven
    onshore, formerly producing oil and gas fields in Romania. Five of
    these fields are located in the Pannonian Basin in north-west Romania;
    the other two fields are in the southern Romania.

    In February 2009, Blackstairs Energy agreed a `Memorandum of
    Understanding' with Pakistan Petroleum Ltd. This agreement will
    facilitate the evaluation and acquisition of exploration, development
    and production assets, in addition to the pursuit of new business
    opportunities in Africa, greater Eastern Europe, the Caucasus region,
    the Commonwealth of Independent States and Pakistan.

    Further Enquiries

    Blackstairs Energy plc
    1 Bayswater Terrace
    Greystones
    County Wicklow
    Republic of Ireland
    Telephone: +353 1 2870787

    For additional information please contact:
    Gerry Sheehan
    Telehone: +353 86 6085345
    Email: [email protected]

    Directors: Gerard Sheehan, Robert Hamilton, J.D.Scott
    Registered Office: 11 Adelaide Road, Dublin 2
    Company Registration Number: 424205
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