Claren Sells Romanian Gas Field

Canada-listed Claren Energy has signed a share purchase agreement to sell the onshore Bobocu gas field in Romania to Netherlands-registered Lalea Energy, it said on July 20.

Lalea will assume 100% of the field's production licence by acquiring Claren's wholly-owned subsidiary Claren Operations, subject to the usual approvals. It will be responsible for Claren's remaining contractual obligations at the project. However, Claren will receive an overriding royalty of 5% on gas that is produced at the field, due to come on stream within two years.

"We are pleased with Lalea's commitment to develop the Bobocu gas field; Claren and its shareholders will be able to participate in the upside of any gas production via our overriding royalty," Claren CEO Henry Aldorf said. 

The Bobocu field was discovered in Romania's eastern Buzau county in the 1980s. Claren began working on the find in late 2016 and raised its ownership to 100% last year by acquiring a 60% stake held by Zeta Petroleum.