Romanian company Dafora intends to finance activity with more than EUR 6 mln from Banca Transilvania

Romanian drilling company Dafora, owned by businessman George Calburean, plans to take EUR 6.4 million (RON 28.7 million) from lender Banca Transilvania.

According to a company statement, the money is to be used to finance its operations and the proposal will be discussed during the company’s general meeting of shareholders scheduled for November 22.

According to the document submitted to the Bucharest Stock Exchange, the loan will be secured by revenues from the drilling contract between the Romanian company and American Chevron. Dafora announced earlier this year the signing of a four-year drilling contract with Chevron. The American company was supposed to start export for shale gas in Romania this month but decided to suspend the activity after villagers from Pungesti, Romania, staged protests for several days in a row, finally triggering Chevron to remove its drilling equipment from the site. Dafora’s loan will also be secured by revenues from a contract with Romanian gas producer Romgaz. Dafora is the leading drilling firm in Romania and performs onshore drilling services for oil, gas and geothermal water. Dafora is controlled by businessman George Calburean, who owns almost 50 percent of the company’s shares, while the company Foraj Sonde Craiova holds a 13.8 stake in the drilling company. Irina Popescu, irina.popescu@romania-insider.com