July 2011, Bucharest, Romania

Expert Petroleum and Celtique signed the Petroleum Agreement for Grivita field rehabilitation project in May 2008 as part of the 7th Round applications, and the formal issue of a concession was granted in July 2011. Celtique has a 50% non operated interest and Expert petroleum is the operator. The Grivita Nord oil field is located in the North Dobrogea Promontory, onshore East Romania and the concession covers an area of 3.45 sq.kms. The oil field was discovered in 1978 by well 156, which discovered commercial 37 degree API oil in Miocene carbonates. The field began production in 1979 with 7 wells out of a total of 14 wells within the concession area being productive. Production ceased in 2005 when water cut became excessive after the field had produced a total of 0.76 mmbbls of oil. Gas was tested from shallower Miocene sands of restricted thickness and areal extent. The Lower Sarmatian limestones were deposited in a shallow marine environment and are reasonably consistent over the structure with a net thickness ranging from 6m to 10m and average porosity of around 14% to 16%. Well performance suggests that the reservoir relies on the presence of natural fractures for productivity. The forward program for the field is to re-map the structure prior to preparing a development program for the field to recover remaining reserves.

Expert Petroleum and Celtique signed the Petroleum Agreement for Stoienita field rehabilitation project in May 2008 as part of the 7th Round applications, and the formal issue of a concession was granted in July 2011. Celtique has a 50% non operated interest and Expert petroleum is the operator. The field is located in the Moesian Platform, onshore Romania and is located in front of the Carpathian frontal thrust zone. The concession covers an area of 3.04 sq.kms. Stoienita was discovered in 1980 by Petrom. The field was put on production in 1981 and was abandoned in 1998. The recovery was by natural depletion. Some 8 wells were drilled inside the concession area. Reservoir objectives exist at four levels: Early Lower Triassic, Middle Triassic, Middle Jurassic and Miocene Sarmatian.