Australian oil company ADX Energy might invest up to EUR 100 million in exploration/exploitation works in an oil perimeter in Timis, Romania, and is trying to convince its investors that Romania supports activities related to oil and gas, given that the fund raising “is not the easy part”.

“Raising funds for a good project in oil or natural gas development is not the easy part, the main issue is to offer our investors the confidence that Romania is a country that supports activities related to oil and gas, […],”  Paul Fink, technical director ADX Energy, told local Mediafax.

He added that, depending on the results of the exploration phase, ADX Energy’s expenses could go up to EUR 100 million within five years.

ADX Energy leased in 2012, from the Romanian state, the Parta perimeter in Timis county, for the exploration of oil and natural gas in Timisoara area.

Australia’s ADX Energy could invest EUR 50 mln in Romania oil search

Irina Popescu, irina.popescu@romania-insider.com