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Black Sea Oil & Gas SRL awards drilling rig contract for two offshore wells in the Black Sea

Bucharest Romania, 11 April 2017

Bucharest Romania, 11^th April 2017: Black Sea Oil & Gas SRL (“BSOG”) together with its co-venture partners announces the awarding of a contract for the drilling of two offshore exploration wells located in the XV Midia Shallow Block, Romanian Black Sea continental shelf, to the local offshore drilling services provider GSP Offshore SRL (“GSP”).

The cantilever-type jack-up drilling rig “GSP Uranus” has been contracted by BSOG for the drilling of the two exploration wells in water depths up to 100m scheduled to commence in Q4 2017. Auxiliary services such as aviation, logistics and offshore service vessels to support the drilling operations have also been contracted with GSP.

Mark Beacom, BSOG Chief Executive Officer, commented: “The Midia Block Concession Holders are targeting prospects that not only could add to the resource base of the Concession Holders but, more importantly, could feed the Midia Gas Development Project currently consisting of the Ana and Doina discoveries that is currently heading towards development approval”.

BSOG is currently obtaining all the approvals required to develop the Midia Gas Development Project. These approvals include NAMR and ANRE approvals, environmental and construction approvals and authorizations from local and national authorities, Transgaz approval as well as shareholder and partner approvals. Although there are many regulatory challenges ahead the partner group is targeting obtaining these approvals in 2017. Once this has been achieved then it will take a further 2 years to build the offshore platform, drill the development wells, lay the offshore and onshore pipelines and construct the Gas treatment plant.

Black Sea Oil & Gas SRL, wholly owned by Carlyle International Energy Partners, 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.

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

office@blackseaog.com

Black Sea Oil & Gas SRL awards drilling rig contract for two offshore wells in the Black Sea

Bucharest Romania, 11 April 2017

Tel: +40 21 231 32 56

Mark Beacom, CEO Black Sea Oil & Gas SRL