Romgaz will ask shareholders to approve its withdrawal from Snina and Medzilaborce blocks in Slovakia. It will also seek to receive at no cost the 8.33% share of JKX’s participating interest in Svidnik block, following the latter’s withdrawal from the concession agreements in relation to blocks Snina, Medzilaborce and Svidnik located in Slovakia.
Romgaz has a 25% share in the Svidnik-Medzilaborce-Snina blocks, alongside Alpine Oil&Gas plc with 50% – operator, and JKX Oil&Gas plc, 25% – non-operator.
Romgaz posted a net profit of RON1.8 billion for 2017, 82% higher compared with 2016, and a turnover of RON4.5 billion, 34% higher on the year. Romgaz is 70% owned by the Romanian state, via the Ministry of Energy.