H2Oil Limited is thrilled to announce the signing of a sale and purchase agreement with Prospex Energy PLC for the acquisition of the entire issued share capital of PXOG Massey Limited. A notable asset under PXOG Massey is its 50% interest in the economic rights of the EIV-1 Suceava Concession in Romania.

Financially, the transaction involves a sum of up to £215,000, with 85% (£182,650) already settled.

This transaction marks H2Oil’s inaugural venture into the upstream production sector, signaling the company’s strategic expansion and ambition in the industry.

More details can be found here: https://markets.ft.com/data/announce/detail?dockey=1323-14718824-4U5GF6GUMFUVVBSHSU0RBD55N9