Moesia Oil and Gas and NIS Petrol request the National Agency for Mineral Resources (NARM) the extension by 18 months of the exploration period of hydrocarbon block EX-12 Crai Nou, from Timiș County. The two companies hold equal stakes in the area gained in 2011 with Moesia Oil and Gas as operator.

“In support of the request for extension of the exploration period with 18 months, the holder mentions the need for rectification and correction of the delays that affected the performance of their petroleum operation, due to circumstances that have not been claimed and that could not be reasonably foreseen”, shows NARM.

The geological complexity, the incomplete collection of information and the presence of the previously drilled wells within the block represent some of the reasons underlying this request. In supporting for the decision of extending the concession agreement comes with an extended program of works translated into additional costs of 200,000 dollars.

The extension of exploration agreements was also the solution found by NIS Petrol regarding other three oil blocks in which it has shares (Periem, Biled and Băile Felix), the request for extending the duration of works with three years being motivated as following the poor land access for exploration.