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Investment Daily Romania - December 6 - Doing Business | DOINGBUSINESS.RO

  |  06.12.2012

Investment Daily Romania - December 6

In the news: OMV Petrom and ExxonMobil started the 3D study in the Black Sea; SIF Oltenia reached an equity interest of 5% in Bucharest Stock Exchange; Impact Developer&Contractor adds the reduction of the share capital in the next GSM agenda; Transelectrica transport tariff left unchanged into 2013

energy

OMV Petrom and ExxonMobil started the 3D study in the Black Sea


OMV Petrom and ExxonMobil Exploration and Production Romania Limited have started the 3D seismic study in the Black Sea. The study covers approximately 6,000 square kilometres in the deepwater area ofthe Neptun block in the Romanian sector of the Black Sea and will last six months. OMV Petrom is the operator of the seismic program. ExxonMobil and OMV Petrom will use data collected from this seismic program and an earlier seismic program in 2009-2010 to further assess the commercial and technical feasibility of the Domino gas discovery announced earlier this year. The data will also be used to determine targets for future exploration drilling. ExxonMobil is the operator of the deepwater sector of the Neptun Block. The Neptun Block deepwater sector covers an area of approximately 9,900 square kilometres in water depths ranging from 50 to 1,700 meters. Beginning of 2012, ExxonMobil and OMV Petrom announced the Domino-1 exploration well encountered 70.7 meters of net gas pay, resulting in  preliminary estimate for the accumulation ranging from 1.5 to 3 trillion cubic feet (42 to 84 billion cubic meters). The Domino-1 well is located 170 kilometres offshore in water about 1,000 meters deep. The beginning of the 3D seismic study in 4Q had been announced by the company thus we see the news as neutral.


SIF Oltenia reached an equity interest of 5% in Bucharest Stock Exchange


SIF Oltenia (SIF5) informed that after yesterday's completion of a transaction amounting to RON 7.7 mn, it reached an equity interest of 5% in Bucharest Stock Exchange (BVB).


Impact Developer&Contractor adds the reduction of the share capital in the next GSM agenda


Real estate developer Impact Developer&Contractor (IMP) added to the next GSM agenda the reduction of the share capital from RON 197.8 mn to RON 19.7 mn through the reduction of the nominal value of the shares from RON 1 to RON 0.1. The GSM is scheduled for December 20, when shareholders can also approve a convertible bond issue with a maximum amount of RON 20 mn or RON 30 mn.


Transelectrica transport tariff left unchanged into 2013


The regulatory authority in the energy sector (ANRE) left Transelectrica’s transport tariff for 2013 at the existing level of 18.77 RON/MWh. Tariffs might be revised July 1, 2013. This comes as a negative surprise, especially after the relatively recent statements of an ANRE official that they are considering a raise of 10%. In 2013 should have begun the third regulatory period of five years but instead 2013 will be a transitory year and the new period should start in 2014. ANRE’s order can be found on the regulator’s website. We expect Transelectrica to publish the information regarding ANRE’s decision on the stock exchange after the order is published in the Official Gazette. We were expecting a rise of the transport tariff of some 7% into 2013 so we see the news as negative for the company and we expect a negative market reaction to the news. Given the recent rally of the stock, now could be a good time to exit the investment.

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