OMV Petrom JV with Exxon to continue Neptun Block exploration

Thus, the partnership will drill the first deep water exploration well in the Romanian waters of Black Sea starting with 2012. We remind that SNP and ExxonMobile have signed a 50%-50% JV at the end of 2008 for the exploration and development of deep-sea hydrocarbon reserves in the Black Sea. Currently, 17% of Petrom's Romanian oil and gas production come from offshore fields. We view this piece of news as neutral since this next step of the Neptun Block exploration was expected after the JV decided to step up its activities a few months ago.