Oil company ADX Energy plans EUR 100 mln investment in Romania

Bucharest, 21 July 2014 (MIA) - Australian oil company ADX Energy could invest up to EUR 100 million in exploration/exploitation works in an oil field in Timis and is trying to convince its investors that Romania supports oil and gas related activities, given that fund raising is 'not the easy part'.

"Raising funds for a good project in oil or natural gas development is not the easy part, the main problem is to offer our investors the confidence needed that Romania is a country that supports these activities and as such they can be developed in a quick and efficient manner in terms of costs, while abiding to European and Romanian laws and regulations", according to Paul Fink, technical director for ADX Energy.

Fink added that depending on the results obtained during the exploration phase, ADX Energy expenses could reach EUR 100 million in the next five years.

ADX Energy leased the Parta perimeter in Timis county from the Romanian state to explore oil and natural gas resources in Timisoara's area.

"Our strategy is to find the oil stockpiles that weren't noticed in the past by using the most modern technologies", Fink said.

ADX Energy is headquartered in Perth, Australia, and has approval for projects in Europe and North Africa.