NewMed Energy Balkan has a contingent agreement to acquire a 50% interest in Han Asparuh Block 1-21 Han Asparuh in the western Black Sea from OMV Offshore Bulgaria.

Under the proposed transaction, NewMed would cover OMV’s share of the costs of the next planned exploration well on the Vinekh prospect, up to a maximum of around $52 million.

The same arrangement would apply to a follow-up appraisal well or an exploration well on a different prospect.

Bulgaria’s government first awarded the 13,712-sq km block in August 2012 to a consortium comprising Total Energies as operator, Repsol, and OMV Bulgaria. Repsol and TotalEnergies later withdrew, leaving OMV as the sole license holder.

In June this year, the company signed an appendix with the Minister of Energy authorizing a 23-month extension of the license term until October 18, 2026, due to the withdrawal of two of the original partners and the proximity to the conflict in Ukraine.

Han Asparuh is south of OMV’s gas-proven Neptun Deep block in the Romanian sector of the Black Sea, currently under development: water depths are just under 2,000 m.

Exploration to date has included geological and geophysical surveys and drilling of three exploration wells. In May 2020 the partners acquired 3D seismic to identify further drilling targets.