site.btaOMV Offshore Bulgaria GmbH - Austria Transfers 50% of Its Rights to Prospect Oil, Gas in 1-21 Han Asparuh Block to NewMed Energy Balkan Limited

OMV Offshore Bulgaria GmbH - Austria is transferring 50% of its rights under the oil and gas prospecting and exploration permit in the 1-21 Han Asparuh Block in the Black Sea. This is possible after the Council of Ministers, at its Wednesday meeting, authorized NewMed Energy Balkan Limited to acquire a 50% interest in the rights and obligations under the permit from OMV Offshore Bulgaria GmbH - Austria.

The possibility to transfer the rights and obligations under a granted prospecting and exploration permit is regulated in the Underground Resources Act.

The 1-21 Han Asparuh Block in the Black Sea is located in the exclusive economic zone of the Republic of Bulgaria in the deep Black Sea. The contract for the exploration of this territory has been in force since September 2012.

With Wednesday's decision, the Council of Ministers authorized the Energy Minister to sign the necessary supplementary agreement to the contract for prospecting and exploration of oil and natural gas in the 1-21 Han Asparuh Block within one month.