ExxonMobil Exploration and Production Romania Limited

exonExxonMobil

ExxonMobil, the largest publicly‐traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry‐leading inventory of resources, is the largest refiner and marketer of petroleum products and its chemical company is one of the largest in the world.

ExxonMobil Exploration and Production Romania Limited (“EMEPRL”)

ExxonMobil has a long history in Romania. Romano-American Company (1903-1948) was the first American oil and gas company to work in the country with the Standard Oil Company of New Jersey.

ExxonMobil’s subsidiary in Romania, ExxonMobil Exploration and Production Romania Limited (EMEPRL), was established in 2008 and has its headquarters in Bucharest.

Since November 2008, ExxonMobil has been involved in the upstream sector of the deep water Black Sea by signing a farm out agreement for the deep water portion of the XIX Neptun block. ExxonMobil has 50 percent interest and OMV Petrom has the remaining 50 percent. ExxonMobil is the operator of the drilling program for the deep water sector of XIX Neptun Block.

ExxonMobil’s downstream business has been present in Romania since 1992. The products are branded as Mobil.

ExxonMobil is the operator for XIX Neptun Block (Deep Water Sector)

In November 2008, OMV Petrom and ExxonMobil Exploration and Production Romania Limited signed an agreement for EMEPRL to acquire a 50 percent interest in the deep water portion of the XIX Neptun Block. Since then, the two companies have worked closely together to acquire 3D seismic and evaluate the block’s hydrocarbon exploration potential.

In period 2009-2010, OMV Petrom and EMEPRL acquired more than 3,000 square kilometers of 3D seismic data of the XIX Neptun Deep Block, using state of the art technology – the largest seismic program ever undertaken in Romania at that time.

Between December 2011 – March 2012, EMEPRL and OMV Petrom drilled the Domino-1 well, the first deep water well in Romania. The Domino-1 well reached a total depth of more than 3,000 meters below sea level and is located in the XIX Neptun Block, 170 kilometers offshore in water about 1,000 meters deep. It was drilled using state-of-the-art industry technology, a world-class, sixth generation drillship, the Deepwater Champion.

From November 2012 through May 2013 OMV Petrom and EMEPRL carried out a 3D seismic study, covering more than 6,000 square kilometers in the deep water area of the XIX Neptun Block – largest 3D seismic survey in Black Sea at that date.

The two companies have procured the Ocean Endeavor drilling rig to resume exploration drilling on the XIX Neptun Deep Block in mid-2014.

The XIX Neptun Deep Block covers an area of approximately 7,500 square km in water depths ranging from 100m to 1,700m.

ExxonMobil is the operator for XV Midia Deep Block

In October 2012, EMEPRL and OMV Petrom signed an agreement for the purchase from Sterling Resources Ltd. and Petro Ventures Europe B.V. of hydrocarbon exploration and production rights to the deep water portion of the XV Midia Block (“Midia Deep”), which is adjacent to the XIX Neptun Deep block, in which ExxonMobil and OMV Petrom announced a gas discovery in 2012.

The participating interests in XV Midia Deep are now ExxonMobil 42.5%, OMV Petrom 42.5%, and Gas Plus 15%.

Based on terms agreed in February 2013, S.N.G.N. Romgaz S.A. has an option to purchase a 10% participating interest in XV Midia Deep. Romgaz’s option to enter will be triggered by an announcement of a commercial discovery on XV Midia Deep.

EMEPRL is the operator of petroleum operations in XV Midia Deep.