Oracle Energy Corp. has been notified by project operator Carpathian Energy that the National Gas Regulation Authority of Romania issued final approval of the permit to produce gas and other hydrocarbons from the No. 3 Well at Nadlac Field in western Romania. The No. 3 Well was successfully recompleted, tested and ready for production in January, 2006. Since then, various government agencies required numerous documents and reports to be filed before approval could be granted to put the well on production. All required permits have now been approved.
The gas purchaser, Distri-Gaz Vest, is inspecting and testing all flowlines, valves, lines, meters, tanks and other surface equipment in preparation of the final hookup. The well will then be put on production into the main gas transmission line.
Oracle holds a 20% interest in the Nadlac field and five other oil and gas concessions in Romania.