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Romania Romgaz pulls out from Poland, remain in Slovakia three oil blocks exploration probes

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National Natural Gas Corporation Romgaz will continue oil operations in Slovakia, as it plans to drill the first exploration wells early next year, whilst on the other hand it will withdraw from Poland following the negative exploration results, company representatives said.

Of recent, Romgaz decided to pull out of two oil blocks in Poland, of which it holds 30 percent.

“Romgaz also has a participation of 25 percent in three oil blocks in Slovakia and an equal share in the joint operation agreements among partners, related to the three blocks. The project is in the phase of data gathering through exploration probes that will be drilled in early 2016,” said the company officials.

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They stressed that Romgaz decided to start withdrawing from Poland projects following the results of seismic acquisition operations corroborated with the negative result of the Sosna-1 well in the Torzym block and projections for oil price evolution.

The Romgaz Extraordinary General Meeting due on Jan. 27, 2016 will approve the company’s withdrawal from the Polish projects as per the meeting notice.

Romgaz ends 2015 with 1.345 bln lei in pre-tax profit according to the company’s adjusted Income and Expenditure Budget, down from the figure estimated in the initial budget variant which stood at 1.85 bln lei, shows a November release to the Bucharest Stock Exchange.

Romgaz posted a three-quarter pre-tax profit of 975.33 million lei, down by 138.66 million lei (-12 percent) from the 1.113 billion lei registered in the similar period of the year before. The company’s turnover between January – September this year was 2.93 billion lei, 11 percent less from the 3.29 billion lei registered in the similar period of 2014.

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