Lalea Energy signs agreement for Bobocu production licence onshore Romania

Lalea Energy BV has agreed to acquire 100% participating interest in the Bobocu production licence, onshore south-eastern Romania, from Claren Energy Corporation, Toronto.

Lalea will assume the remaining contractual obligations with the Romanian government through the acquisition of 100% of Claren Operations Ltd. a wholly owned subsidiary of Claren.

Lalea will grant Claren an overriding royalty of 5% on produced gas during the economic field life of Bobocu gas field.

Lalea is committed to producing first gas within two years after the signing of the agreement.

Bobocu is in the outer Carpathian foredeep 20 km north-east of Buzau and 125 km north-east of Bucharest.

Closing is subject to customary conditions including, but not limited to the approval of the TSX Venture Exchange.

Source: Oil & Gas Journal