Black Sea Oil & Gas gets involved in community development and starts the rehabilitation works of the Corbu-Vadu road

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Black Sea Oil & Gas gets involved in community development and starts the rehabilitation works of the Corbu-Vadu road

Constanta, Romania, 14 August 2024

Constanta, 14 August 2024: Black Sea Oil & Gas SA (BSOG) and its Midia Gas Development (MGD) partners, Petro Ventures Resources and Gas Plus Dacia, continue to be involved in the local community by financing the rehabilitation of DC83 communal road connecting Corbu commune and Vadu village plus Scolii Street in Vadu village. The project, with a total estimated cost of approximately $4 million, began the actual execution works on August 12^th, 2024, and is scheduled to be completed by May 2025.

DC83 Corbu-Vadu is the only connection between the villages of Corbu and of Vadu and is currently in an advanced state of degradation. The most recent significant consolidation has been performed more than 15 years ago.

The rehabilitation of DC83 road is an essential project that will bring multiple benefits to the community. First, it will improve accessibility and connectivity between Corbu and Vadu, facilitating local transport and reducing travel time. This will not only enhance the quality of life for residents, but also stimulate local economic development by facilitating access to markets, services and business opportunities.

Second, the rehabilitation of road infrastructure will contribute to increasing safety on public roads. In addition to creating a safer road surface, the installation of road signs are also important measures to reduce the risk of accidents and to ensure smoother and safer traffic. Also, the implementation of an efficient drainage system will prevent flooding, protecting the infrastructure.

In addition, BSOG, along with its MGD partners, financed all the studies and memorandums necessary for Corbu Commune to obtain all the necessary authorizations and approvals. BSOG organized the tender to identify the contractor of the works and concluded the construction agreement. At the same time, Corbu Commune covered the fees for the authorizations and approvals involved in the rehabilitation project and offered support to BSOG when needed.

"We are proud to announce the start of works on this very important project for our local community. BSOG’s contribution to the rehabilitation of the 7.6 km road between Corbu and Vadu reflects our commitment to support the community and actively contribute to the well-being of the residents of the two villages. We are committed to working closely with local authorities and community members to ensure that this project is carried out to the highest standards of quality and sustainability. In this regard, we would like to thank the local administration for their constant support and excellent cooperation so far. We are convinced that together we will be able to turn this project into a successful example of community development partnership. We also wish to thank our MGD partners, Petro Ventures and Gas Plus Dacia, for their financial contribution " said Mark Beacom, CEO of Black Sea Oil & Gas.

"The rehabilitation of this road is a major step towards the modernization of our local infrastructure and a clear proof of a successful collaboration between the public administration and the private sector. We want to thank Black Sea Oil & Gas for their involvement in this project, which not only improves access and road safety, but also supports the economic development of our commune", said Vasile Lumînare, Mayor of Corbu commune.

“We are glad to we have been selected to carry out the rehabilitation works of the Corbu-Vadu road, a very busy road in the summer season and located only 25 kilometers from our operations base in Ovidiu. We paid special attention to the bidding process knowing that the contractual partner will be a private company, where everything is very well organized and managed. With over 25 years of experience in infrastructure works and 18 construction sites currently in operation throughout Dobrogea, we are committed to complete on time, within budget and within the established quality parameters, the modernization of this important road for the Corbu Vadu community," said Adrian Balagiu, General Manager of Autoprima Serv SRL, the contractor selected by BSOG for the execution of the rehabilitation works of DC83 and Scolii Street in the village of Vadu.

This rehabilitation project is just one of the many initiatives through which Black Sea Oil & Gas demonstrates its commitment to the community and to regional development. Over the past few years, BSOG has been an active and dedicated partner of the local community, engaging in a variety of projects that have had a significant impact on the lives of residents. Among these initiatives, VADUrabil long term CSR project implemented by Mare Nostrum NGO since 2020 aims at developing communities that are aware and concerned about the wilderness of Vadu and the Danube Delta and the associated problems, and that will be equipped with the knowledge, skills, attitudes, motivations and commitment to work individually and collectively to identify solutions to the problems already existing and preventing the emergence of new ones.

About BSOG and its joint venture partners

BSOG, owned by Carlyle International Energy Partners and the European Bank for Reconstruction and Development, is a Romanian based independent energy company, targeting offshore development of gas resources in line with the European Union’s Zero Emissions Goal by 2050 by offering natural gas production as a transition fuel and providing vital infrastructure for the ability to develop green energy projects. The company’s portfolio is currently made up by the MGD Project and two production licenses at Ana and Doina gas fields in XV Midia Shallow Concession, Romanian Black Sea, where it is the operator and holds a 70% interest. BSOG operates the Concession on behalf of its partners Petro Ventures Resources SRL (20% interest) and Gas Plus Dacia SRL (10% interest).

Gas Plus is the fourth largest producer of natural gas in Italy active in the main sectors of natural gas industry, particularly in exploration, production, purchase, distribution and sale to retail customers. At 31 December 2022, the Group had 42 exploitation concessions located throughout Italy, a total of approximately 1,800 kilometres of regional distribution and transportation network in 40 municipalities, serving a total of approximately 57,000 end users, with a staff of 145 employees. Gas Plus holds 10% interest of the MGD Project and two production licenses at Ana and Doina gas fields in XV Midia Shallow Concession.

Petro Ventures, a private investment group, holds 20% of the MGD Project and two production licenses at Ana and Doina gas fields in XV Midia Shallow Concession.

For further information:

visit: www.blackseaog.com

or contact:

ana-maria.pericleanu@blackseaog.com

Tel: +40 21 231 32 56

Ana-Maria Pericleanu