June 1 (SeeNews) - Bulgarian government said on Wednesday it has extended Overgas Inc's oil and gas exploration licence for onshore Provadia block in northeastern Bulgaria by 426 days.
As a result of a previous exploration project, Overgas believes that the area has a potential and it should be further explored and studied in detail through drilling works, the government's press office said.
In 2010, Bulgaria’s government granted the company a three-year licence for a 14.5 million euro ($16.2 million) gas and exploration project in Provadia block.
The Provadia exploration field covers 1,787 square kilometres.
Bulgaria's Overgas Holding holds 50% of Overgas Inc., 49.51% is owned by Gazprom Export and the remaining 0.49% are owned by Russia's gas giant Gazprom directly.
($=0.8959 euro)