Oil and Gas Exploration and Production

 In 1991, on the ground of Regulation No.23 of September 23rd, 1991 of the Council of Ministers, enacted by virtue of Art.1, Paragraph 2 of the Formation of State Property Sole Proprietor Companies Act, a State Property Sole Proprietor Company under the name of­
“Oil and Gas Exploration and Production” was established, having its head office in the town of Pleven.

      “Oil and Gas Exploration and Production” incorporated the exploration, research and production companies and establishments, which originally launched the Bulgarian oil industry, starting with a discovery of an oil field in the area of “Tjulenovo”, in close proximity to the town of Shabla.

“Oil and Gas Exploration and Production” took over the activity, as well as all the assets and liabilities of the following establishments:

• The geological research establishments, located in the town of Pleven and Mihajlovgrad(currently Montana);
• The Oil and Gas Production establishment in the town of Dolni Dubnik;
• The Research and Development Center in the village of Boujourishte;
• The Research and Development center in the village of Topoli, Varna region;
• The Geological Oil Survey Center in Varna;
• The Department of Research technology at the research institute in Sofia;

      On the ground of Order No 148 of May, 5th, 1997 of the Chairman of the Geology and Mineral resources Committee at the Council of Ministers, “IMLT – Engineering” Ltd, Pleven was merged into “Oil and Gas Exploration and Production”(OGEP), which thus became the successor of the assets and liabilities, as well as of all the equity capital of “IMLT – Engineering” Ltd.

      By virtue of Order RD -17-13 of February 14th, 1998 of the Minister of Industry, “Geophysical Survey and Data Processing Services” Ltd, Sofia was merged into OGEP, which again took over all the assets and liabilities of “Geophysical Survey and Data Processing Services” Ltd.

      On the ground of Order RD – 17-52 of May 28th, 1998 of the Minister of Industry, “Geocom” Ltd, Sofia was merged into OGEP. Following the merger OGEP took over all the assets and liabilities of Geocom, including its overseas branches “Bulgarian Oil Company” – Tripoli, as well as “Geocom Service”, Tripoli in the Great Socialist People Libyan Arab Jamahiriya. The “Bulgarian Oil Company” in Tripoli is the holder of the Bulgarian rights and the Operator under the EPSA agreement (Exploration and Production Sharing Agreement), concluded in 1980 with the National Oil Corporation of Libya.

      Following a Resolution No. 151-E of September 18th, 2002 of the State Committee on the Securities, OGEP was entered into the register as a public company, on the ground of Art.1, clause 3 of the Public Offering of Securities Act.

      In 2003, following two bid procedures, carried out by the Privatization Agency, and effected through “Bulgarian Stock Exchange – Sofia” Plc, 100% of OGEP shares were privatized.

      In 2004 the new share holders of the company launched a new program for restructuring and modernization of Oil and Gas Exploration and Production Plc, aiming at an increase of its efficiency, an improvement of its financial results, while adapting its activity to a more dynamic market and business environment both on a national and international scale.

      Currently Oil and Gas Exploration and Production Plc is entered into the Commercial Companies’ Register under batch No 83784, volume 1022, page 131 company file No. 4812/2004 of the Sofia City Court, having its head office at 2, Stefan Karadja str, “Sredetz” municipality, Sofia.

The capital of OGEP amounts at 12 228 062 BGN, allotted into 12 228 062 dematerialized shares par value of 1 BGN each.

      OGEP’s shares are currently traded on the “official market” of the “Bulgarian Stock Exchange – Sofia” JSC, market segment C, stock exchange code GAZ.