By two decisions today Bulgaria’s government transferred the rights and obligations under two oil and gas research contracts, the government’s press office said, quoted by the Bulgarian News Agency (BTA). By another decision the government terminated a permit for exploration of oil and gas.

The cabinet allowed the transfer of rights and obligations for exploration of oil and gas in block “A-Lovech”, located on the territory of Varna, Lovech and Pleven regions. Ramko Bulgaria Limited, Aberdeen, Scotland, transfers completely its rights and obligations to the other holder of the permit – Direct Petroleum Bulgaria EOOD, Sofia. As a result of the transfer Direct Petroleum Bulgaria EOOD becomes the only holder of the permit and will control 100% of the rights and obligations in block “A-Lovech:.

The government allowed Balkan Explorers /Bulgaria/ Limited, Dublin, Ireland, to transfer 25% of its rights and obligations under permit for exploration of oil and gas in block “V1-Golitza” to JKX Bulgaria Limited, London, UK. After the transfer the two holders of the permit will have equal rights and obligations /50:50/.

Bulgaria’s Council of Ministers decided to terminate the permit for exploration of oil and gas in block “Yambol F”, located on the territory of Sliven, Haskovo, Yambol, and Burgas regions, awarded to the holder OAO Bashkirgeologia by government decision from July 2005.
The geological research on the territory in 2005 and 2006 didn’t bring any encouraging results. Therefore the holder of the permit asked minister of environment and waters to terminate the contract.