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Black Sea Oil & Gas SRL completes 3D seismic survey in the Black Sea, Midia Shallow Block

Bucharest Romania, 1 July 2016

Bucharest, Romania, Friday, 24 June 2016: Black Sea Oil & Gas SRL (“BSOG)” and its coventure partners are pleased to announce that they have successfully completed the acquisition of a 3D seismic survey on the Midia Shallow Block in the Romanian sector of the Black Sea, covering 1,042 km². BSOG was the operator of the seismic program.

The 34-day seismic acquisition program has been performed aboard Dolphin Geophysical LTD’s Polar Marquis equipped with 10 streamers 6 kilometers long to collect the detailed 3D seismic data. No environmental or safety incidents were recorded during the survey.

The data will now be processed with an initial fast track processed data set expected to be delivered in September and a PreSDM processed volume in Q2 2017.

BSOG will use data collected from this seismic program to determine the best prospects for the 2017/2018 exploration drilling in the Midia Shallow block, on the same trend as Ana and Doina gas discoveries.

Mark Beacom, BSOG Chief Executive Officer, commented: “Very good progress continues to be made with our exploration activities with the acquisition of this new Midia 3D seismic survey, in a very short period of time since BSOG took over operatorship of the Midia and Pelican Blocks. The survey was completed without incident which is testament to BSOG’s planning and operating capability. The Midia 3D dataset is expected to provide an excellent definition subsurface image of Dacian and Pontian (Miocene) structures and provide a number of prospects from which to select for drilling in 2017/2018. The company is looking forward to receiving the fast track data.”

Black Sea Oil & Gas SRL is a Romanian based independent oil and gas company, targeting exploration and development of conventional oil & gas resources. The company’s current portfolio is made up of Midia Shallow concession (XIII Pelican & XV Midia blocks) in the Romanian Black Sea containing the Ana, Doina and Eugenia gas discoveries as well as a portfolio of prospects and leads in the Midia block. Black Sea Oil & Gas holds a 65% interest and is the operator of the concession.

For further information: visit www.blackseaog.com or contact:

office@blackseaog.com

Black Sea Oil & Gas SRL completes 3D seismic survey in the Black Sea, Midia Shallow Block

Bucharest Romania, 1 July 2016

The 34-day seismic acquisition program has been performed aboard Dolphin Geophysical LTD’s Polar Marquis equipped with 10 streamers 6 kilometers long to collect the detailed 3D seismic data. No environmental or safety incidents were recorded during the survey.

The data will now be processed with an initial fast track processed data set expected to be delivered in September and a PreSDM processed volume in Q2 2017.

BSOG will use data collected from this seismic program to determine the best prospects for the 2017/2018 exploration drilling in the Midia Shallow block, on the same trend as Ana and Doina gas discoveries.

Tel: +40 21 231 32 56

Mark Beacom, CEO Black Sea Oil & Gas SRL