July 17 (SeeNews) - In SeeNews story "Claren Energy to sell Romania's Bobocu gas field to Lalea Energy" dated July 17, please read in the last paragraph, "Lalea Energy B.V. is an oil and gas and geothermal company that has a portfolio of oil and gas fields in Romania and Moldova, as well as pursuing geothermal opportunities in Romania and The Netherlands," instead of "Lalea Energy, also known as Tullip Energy Exploration and Development, according to its corporate website, has a portfolio of energy projects executed in Kazakhstan, the Middle East and is actively seeking projects in Africa in the field of oil and gas exploration and production, mining and geothermal and solar energy. Headquartered in Amsterdam, the company also has offices in UAE's Dubai and in Kazakhstan'a Almaty." (Corrects to make clear that Lalea Energy BV is not the same company as Tullip Exploration and Development, as was erroneously reported.)
A corrected version follows:
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Canadian oil and gas group Claren Energy Corp said that it has entered into a share purchase agreement with Netherlands-registered Lalea Energy to divest its 100% participating interest in the Bobocu Production License, onshore Romania.
Under the terms of the agreement, Lalea will assume the remaining contractual obligations with the Romanian government through the acquisition of 100% of Claren Operations Ltd., a wholly owned subsidiary of Claren, the Canadian company said in a press release on Thursday.
Lalea will grant Claren an overriding royalty of 5% on produced gas during the economic field life of Bobocu and is committed to producing first gas within two years after the signing of the agreement.
"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’s chairman and CEO Henry Aldorf said.
Closing of the transaction is subject to a number of customary conditions including, but not limited to the approval of the TSX Venture Exchange, Claren said.
Claren Operations entered into an agreement with Zeta Petroleum to buy the remaining 60% participating interest in the Bobocu licence in Romania in June 2019. The company started drilling operations at Bobocu gas field in Buzau county, in eastern Romania, in December 2016.
Bobocu gas field is located in the foreland basin of the Carpathians and has an area of 25 km. It was discovered by Romania's natural gas producer and main supplier of gas Romgaz in the 1980s.
Claren Energy is an internationally focused oil and gas company with assets in Romania and Australia. Its common shares trade on the TSX Venture Exchange under the symbol 'CEN'.
Lalea Energy B.V. is an oil and gas and geothermal company that has a portfolio of oil and gas fields in Romania and Moldova, as well as pursuing geothermal opportunities in Romania and The Netherlands.