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Romgaz shareholders approve acquisition of ExxonMobil stake in Black Sea gas project
The Extraordinary General Meeting of the shareholders of Romanian gas producer Romgaz approved today, at the second convocation, the takeover of ExxonMobil's 50 percent stake in the Neptun Deep Black Sea offshore gas project, informs a release to the Bucharest Stock Exchange.
"The Romgaz shareholders' Extraordinary General Meeting approved the acquisition by the Company of all the shares issued by (representing 100 percent of the share capital of) ExxonMobil Exploration and Production Romania Limited which owns 50 percent of the acquired rights and the obligations committed to through the Leasehold Agreement for oil exploration, development and exploitation in the XIX Neptun Deep block," the document states.
The conclusion of the contract for the purchase of all the shares issued by (representing 100 percent of the share capital of) ExxonMobil Exploration and Production Romania Limited to be concluded by S.N.G.N. Romgaz SA, as buyer, with ExxonMobil Exploration and Production Romania Holdings Limited, ExxonMobil Exploration and Production Romania (Domino) Limited, ExxonMobil Exploration and Production Romania (Pelican South) Limited, ExxonMobil Exploration and Production Romania (Califar) Limited and ExxonMobil Exploration and Production Romania (Nard) Limited, as sellers, was also approved.
Also, the shareholders' Ordinary General Meeting approved the contracting of a total of 325 million euros in loans from one or several credit institutions in order to partly cover the price of the acquisition by S.N.G.N. Romgaz S.A. of all the shares issued by (representing 100 percent of the share capital of) Exxon Mobil Exploration and Production Romania Limited, according to the borrowing criteria set out in OGMS Decision No. 12 / 10.12.2021.
The meeting also approved a one-year extension, the change of the currency and the lowering to 350 million lei of the ceiling of the Credit Facility Agreement No. 201812070225 with Banca Comerciala Romana S.A. for the issuance of bank guarantee letters.