February 20 (SeeNews) - Croatian oil and gas company INA [ZSE:INA-R-A] said on Monday its signed three onshore oil and gas exploration and production sharing agreements, in line with a recent decision of the Croatian government.
The agreements grant exploration rights to INA for blocks DR-03, SZH-01 and DI14 for a period of three years with an option to extend it for another two years. In case of commercial discovery, further 20 years of petroleum exploitation period will follow, the company said in a brief statement filed with the Zagreb bourse.
It provided no further details.
The three blocks include the DI-14 block in the Dinarides, the Drava 2 exploration block in the Podravina area) and the Sjeverozapadna Hrvatska-01 block in northwestern Croatia in the Pannonian Basin.
The announcement follows a decision adopted by the government in Zagreb earlier this month, authorising the energy ministry to sign seven onshore oil and gas exploration and production sharing agreements with four companies, including the above three agreements with INA, two contracts with local wholesaler and retailer of petroleum products Crodux Derivati Dva, and contracts for one block each with Vermilion Zagreb Exploration, a unit of Canada-based Vermilion, and with Hungarian firm Aspect Croatia.
INA's shares last traded on the Zagreb bourse on Thursday, closing down 2.00% at 2,940 kuna ($426/386 euro).
(1 euro = 7.62133 kuna)
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