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  • Leadership of an investment group to acquire an interest in Dacian Petroleum (“Dacian”) in Romania
  • Dacian will, conditional on obtaining necessary Romanian Government approvals, acquire a business operating onshore oil and gas fields currently producing approximately 1,400 barrels of oil equivalent per day (“boepd”) with significant production upside and unrecovered reserves

LMS Capital PLC (“LMS”) announces that it is leading an investor group (the “Investor Group”) which has conditionally agreed to finance the acquisition by Dacian Petroleum (“Dacian”) from the Romanian state oil company, OMV Petrom, of a business (the “Business”) operating 40 oil and gas fields with 190 active and 900 inactive wells located in Romania.

The acquisition by Dacian is conditional upon Dacian obtaining certain Romanian Government regulatory approvals (“Approvals”). There is a backstop date of 8 January 2021, by which time, if the Approvals have not been obtained, the acquisition agreement will terminate.