Park Place Energy Corp., Calgary, has signed an agreement that ends litigation over the 2010 grant to the company of the Vranino 1-11 block in the Dobroudja basin north of Varna, Bulgaria.
As part of the agreement, the company purchased certain data and studies that relate to the 98,000-acre block that will assist it in exploration and development planning. The next step is to finalize the form of the license agreement with Bulgarian regulators.
Park Place expects to start work in early 2014 to explore for what it believes are substantial natural gas resources. The company noted that the basin is host to as many as 60 individual coal seams.
Previous work on the block includes extensive 2D seismic and more than 200 Soviet-era wells.