Zeta Provides Update on Acquisition of Interest in Proven Oil Concession, Romania
Source: www.gulfoilandgas.com 6/10/2014, Location: Europe
Zeta Petroleum plc, the ASX listed oil and gas exploration and production company, announces an update in relation to the proposed acquisition of an interest in an oil concession in Romania, further details of which were originally announced on 22 July 2013.
A condition precedent of the acquisition was for the existing operator of the Grivita Nord licence to complete a report required under working commitment obligations before transferring its working interest to Celtique Energie SRL and receiving NAMR approval of the transfer.
The condition precedent was not fulfilled within the agreed time scale and the Company advises that it will not now proceed with the acquisition.