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Black Sea Oil & Gas and Transgaz signed the Memorandum of Understanding for the use and development of the gas transmission pipelines network for the MGD Project

Bucharest Romania, 7 May 2019

Bucharest, Romania, 7 May 2019: Transgaz S.A. (“Transgaz”) CEO, Mr. Ion Sterian, and Black Sea Oil & Gas SRL (“BSOG”) CEO, Mr. Mark Beacom, have signed yesterday in Bucharest the Memorandum of Understanding (“Memorandum”) for the use and development of the gas transmission pipelines network for the Midia Gas Development Project (“MGD Project”) production.

The Memorandum outlines the basic principles, responsibilities and framework for cooperation on the construction of the gas transmission pipeline that will takeover the processed gas at the new gas treatment plant located in Corbu commune, Constanta county, to the National Gas Transmission System operated by Transgaz. It also covers the cooperation in the fields of research, innovation, technology transfer, decarbonisation and the use of new technologies, injecting hydrocarbon in the gas pipeline to extract the green gas, thus contributing to the mitigation of the climate changes.

In 2019, BSOG anticipates having completed the detailed engineering for the MGD Project, commenced the fabrication of the Ana Wellhead Platform at the shipyard in Agigea, commenced the civil constructions at the GTP site in Corbu and have purchased & delivered a number of company items.

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About BSOG

BSOG, owned by Carlyle International Energy Partners and the European Bank for Reconstruction and Development, 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 XV Midia Shallow Block and XIII Pelican Block concession in the Romanian Black Sea where it is the operator and holds a 65% interest.

About Transgaz

“TRANSGAZ” S.A. is the technical operator of the Romanian gas transmission system and it is responsible for its operation under quality, safety, efficiency and environmental conditions. Transgaz has been established based on Governmental Decision no. 334/28 April 2000 and is the Romanian legal person operating as a trading joint-stock company, under the Romanian legislation and its By-laws.

For further information:

visit www.blackseaog.com

or contact:

office@blackseaog.com

Tel: +40 21 231 32 56

Mark Beacom, CEO Black Sea Oil & Gas SRL