June 18 (SeeNews) - Canadian oil and gas group Claren Energy Corp said that its wholly owned subsidiary Claren Operations, has entered into an agreement with Zeta Petroleum to buy the remaining 60% participating interest in the Bobocu licence in Romania.
Upon closing of the acquisition, Claren Operations will hold 100% interest in the Bobocu gas production licence, Claren said in a press release on Monday. The value of the potential deal was not disclosed.
You can subscribe to our M&A newsletter here
Closing of the agreement is subject to a number of customary conditions including approval of the Romanian National Agency for Mineral Resources, the company said.
Claren started drilling operations at Bobocu gas field in Buzau county, in eastern Romania, in December 2016.
Bobocu gas field is located in the foreland basin of the Carpathians and has an area of 25 km. It was discovered by Romania's natural gas producer and main supplier of gas Romgaz in the 1980s.
Claren Energy is an internationally focused oil and gas company with assets in Romania and Australia.