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Stratum | Romania
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Overview of Romania

romania-map-slide-for-website

  • EU member since 2007

  • NATO member since 2004

  • Developed country

  • Politically Stable

  • Largest onshore oil & gas production in Europe

  • World’s first refinery (Moinesti in 1840)

  • First city in world to install kerosene street lighting (Bucharest 1857)

Low Risk

Politically
Stable

Romania is an EU and NATO Member.

Favorable
Regulators

The National Agency for Mineral Resources is very supportive to oil and gas companies; Stratum has received approval within 90 days for most of its license transfer & term extensions.

Low operating costs for Europe

Operating cost is one of the lowest in Europe

High quality infrastructure

Stratum’s License Area has paved roads, pipelines, refineries, rigs and services.

Experienced local personnel

Experienced, high-quality, local operations personnel available for hire.

High Upside

Great
Fiscal Terms

  • 7% oil royalty
  • 16% Corporate Tax on profits
  • Max royalties: 13.5% condensate, 13% gas (sliding scale)
  • Gas supplemental tax in effect until YE2016
  • Almost 90% of gross sales revenue retained by Investor.
  • 35% to 50% of current gas sales is being sold at regulated market.
  • Average Realized Gas Price in 2016 has been around $ 5.35/Mcf for Stratum.
  • Gas Price is expected to increase upon full deregulation

Historical Under- development

Modern technical approach is starting to be applied to exploration and exploitation

  • Limited technical advances during Soviet era, now playing catchup
  • Very few companies are actively conducting exploration work onshore.
  • No significant onshore development project in the last 10 years
  • Limited 3D seismic to date for onshore exploration.
  • No horizontal wells were drilled in the Moinesti Concession even though a billion barrels of oil have been produced from the area
  • Very limited use of Hydraulic Fracturing despite steadily declining production

Untapped areas identified in ‘Deeper Horizons’

  • Stratum has deep rights below 45 oil producing fields in Moinesti
  • Stratum has identified a large deep Kliwa structure with multiple TCF of resources with 3D in Poduri Field
  • Repsol is investing significantly in deep exploration in four Petrom licenses in Romania

Continued deregulation projected

  • Gas Price to increase materially after deregulation
  • De-regulating gas market normalizing to European prices

View required notices


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