Lalea Energy signs agreement for Bobocu production license onshore Romania
July 21, 2020
Lalea Energy BV agreed to acquire 100% participating interest in the Bobocu production license, onshore southeastern Romania, from Claren Energy Corp., 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 2 years after the signing of the agreement.
Bobocu is in the outer Carpathian foredeep 20 km northeast of Buzau and 125 km northeast of Bucharest.
Closing is subject to customary conditions including, but not limited to the approval of the TSX Venture Exchange.
