Based on the A-Lovech exploration block that covers 1,830 square miles of the East European country, the property contains the Deventci-R1 well, the deepest drilled in Bulgaria for 30 years, the company said.
Part of the West Koynare structure of the Lower Triassic Alexandrovo formation, the well has also recorded the highest bottom-hole pressure encountered in the country, measuring 11,500psi, as well as recording low sulphur content. The royalty also entitles Liberty Energy to royalty interests on all future revenues and reserves located on the expansive exploration block, with no further cost to the company.
Ian Spowart, president of Liberty Energy, said: “We are delighted with this move to acquire interests in this scale of project in Bulgaria, as it underlines Liberty’s commitment to exploring some of the world’s richest and most under-exploited resources.
“We believe our Bulgarian royalties over this proven multi billion cubic feet asset represent near term revenue streams for the company. In conjunction with out Texan property, we hope to ramp up production and cash flow in a rapid sustained manner.”
