50% owned, non-operated
The Suceava concession is located on the Moldovian platform, approximately 370km north of Bucharest and covers an area of 2,403km2. The concession is located 275km NNW of the Company’s Bobocu gas field.
The Suceava concession includes the Climauti gas field which is currently producing from Sarmatian reservoirs at around 460 metres depth, with the production being sold to Wintershall, the largest crude oil and natural gas producer in Germany. The modest existing production is expected to yield approximately 2Bcf gross of recoverable gas reserves.
In addition to the existing production from the Climauti gas field, the Suceava concession also provides significant shallow conventional gas exploration potential.
The Operator and holder of the other 50% interest in the Suceava concession is Raffles Energy SRL, a wholly owned subsidiary of Singapore based Raffles Energy Pte Ltd.