Romania's Prospectiuni wins 4.6 mln euro deal with Romgaz

As part of this contract, Prospectiuni will provide Romgaz with 3D seismic processing services in the RG06 Muntenia North East exploitation perimeter for a duration of nine months, the prospecting services company said in a statement filed with the Bucharest Stock Exchange, BVB, on Monday.

Romgaz holds exclusive exploration–development–exploitation rights in the RG06 perimeter, according to two government decisions published in Romania's state gazette in 2000 and 2011.

The contract also provides for agricultural compensations of up to 2.26 million lei, representing 10% of the contract value.

Also on Monday, local drilling and exploration works company Foraj Sonde [BSE:FOJE] said it signed a 20.95 million lei deal with Romgaz. The contract has a duration of 352 days.

Prospectiuni's net profit surged by 177% on the year in the first three months of 2024, reaching 3.5 million lei.

Romgaz boosted its net profit by an annual 94% to 1.245 billion lei in the first quarter of 2024, it said in a financial report filed with the BVB last month.

Romgaz is 70% owned by the Romanian state, with the remaining shares in free float on the Bucharest bourse. Romgaz shares changed hands 0.34% lower at 5.94 lei as at 1016 CET on July 3.

Prospectiuni’s shares traded 2.15% higher at 0.238 lei as at 1014 CET on July 3 on the BVB.

Shares in Foraj Sonde changed hands 2.1% lower at 14 lei as at 0926 CET on July 3 on the Bucharest bourse.

(1 euro = 4.977 lei)