Zeta out of Romanian deal

Flying out: Zeta drops 100% interest in licence

Australia-listed Zeta Petroleum has pulled out of an oil concession in Romania where it was set to take an interest under a previously-announced deal.

The company will not go ahead with the acquisition after a condition for the deal was not met by Celtique Energie.

Zeta agreed to take a 100% stake in the issued share capital in the company to take a stake in the Grivita Nord concession.

The company said it would pay Celtique a “minimal” upfront consideration and deferred consideration based on cumulative oil production targets.

The Grivita Nord concession covers 3.45 square kilometres and previously produces 763,457 barrels of oil from two separate structures.

Celtique was required to complete a report required under working commitment obligations before the interest in the concession could be transferred between the companies.

The report was not produced within the agreed time scale.

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