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Stiri - 2016
Stiri - 2015

September 15, 2015

The current state of the international upstream oil and gas industry

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On the 3rd of September, Marius Milea, CEO Prospectiuni, was invited to give a presentation at the conference "The current state of the international upstream oil and gas industry", organized by CNR-CME and hosted by its main partner OMV Petrom.

The theme of this event was proposed by the Executive Secretary of CNR-CME, based on the 2013-2016 Work Agenda of the World Energy Council, and included three sessions:

1 - The influence of oil price reduction on investments in upstream;

2 - Equipment and technologies for upstream activities;

3 - Legislation on upstream activities and its implications for hydrocarbon production.

The conference agenda was complex, including experts in the industry, state representatives and specialists.

The presentation of Mr. Milea, "Evolution and challenges in 3D onshore geophysical prospecting in Romania”, addressed the advantages of 3D data acquisition, the evolution of this modern methods of prospecting in Romania, during 2000-2015, and challenges encountered in implementing this technology.

The summary of the event, made by Mr. Alexandru Patruti, marks the following conclusions:

  • Although the national production of oil and gas is kept at the previous level to the reduction of oil price, due to the significant reduction in revenue, producing companies were forced to optimize their portfolios to reduce spending, including the prospecting ones, exploration and development, and to renegotiate contracts with oil service companies;
  • Oil services companies are experiencing financial difficulties due to reduced volumes of contracted works, many of these companies being insolvent. The absence of NAMR’s new round of petroleum concession perimeters contributes to the worsening of the crisis service companies are facing;
  • The current level of taxation of the oil sector in Romania (13.9% versus 9.6% average in the EU) does not stimulate investments, and the new Fiscal Code has not eliminated taxes on additional revenues as a result of deregulation of the prices gas and tax revenues from exploitation of natural resources, other than natural gas and the tax for special constructions;
  • The lack of a legislation to foster access to the lands required for petroleum operations, to the geological information, along with the lack of a new law for the royalties, also contribute to reducing the attractiveness of the upstream sector for investors.

Thank you CNR-CME for the invitation, we are glad we had the opportunity to attend this exceptional event.

July 7, 2015

Mihail Mitroi: Gas storage should be the emergency plan of this energy strategy www.energynomics.ro

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The transcript of the message delivered during the Energy Strategy Summit:

It was a quite difficult year, with the decline in oil prices, but this is it, we accept any challenges. I represent here Prospecțiuni, a service provider in the field of exploration activities; we provide geophysical services to oil companies. The vast majority of our business is conducted in the field of onshore geophysical data acquisition services, data processing and data interpretation.

By tradition of our 60 years old, soon to be 65, company, we have a pretty good vision on exploration activities carried out in the past, but also in present Romania. Undoubtedly we say that we need a revival of exploration activity in the field. Now only 16% of sedimentary Romanian sediments, sediments with potential for oil and gas reserves, is being investigated by the method of three-dimensional imaging. The remaining 80% can bring pleasant surprises in terms of reserves.

What should we do to revitalize exploration activity in Romania? It is extremely important to shorten the period between organizing the auction for the concession and the commencement of exploration period. After that things are going relatively linear in defined time periods, with annual tasks, but this period is very long.

We signed contracts and our customers expect ratification of the agreements. It is not an easy process, but something must be done to nurture a predictability of the project in terms of time management. Money used in investment migrate to other zones since is not used here, when it exists.

Turning out attention to exploration phase, we have a well-developed legislation, a legislation that has sound principles. However, sometimes its execution leaves much room for improvement; the interpretation of legislation differs from authority to authority. I only raise the issue of access to agricultural land: the impact of seismic data acquisition is minimal, all domestic and international environmental organizations recognize this, and yet we have huge problems of access, virtually anyone can block our work, refusing to sign an agreement that should only establish a compensation amount for land access.

We think we should do something in this area, and in other areas of secondary legislation. I would like to raise one more issue. Any strategy needs specific plans in each area and also needs contingency plans. I believe that the problem of gas storage must be the emergency plan of this strategy, in the domain of provision of population with gas. I think we have a capacity still low, extremely low, of underground storage.

July 1, 2015

Changes in Prospectiuni's management

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Prospectiuni’s Board of Directors took notice today of the resignation of Gehrig Schultz from his positions of Chairman of the Board and CEO of the company, a decision that was advanced during the meeting held on the 1st of July, 2015.

The decision was based on personal considerations, independent of the company’s activity. Board members thank him for his contribution over the past seven years and for promoting the company internationally as an important geological and geophysical services provider.

"I'm proud of the association with Prospectiuni for the past seven years and happy with the company's achievements during this time. I wish best of luck to the new management team", says Gehrig Schultz about his announcement.

According to the decision taken on July 1st, the management of Prospectiuni will be taken over by Mr. Nicolae Petrisor, as Chairman of the Board and Mr. Marius Milea, the new CEO of the company. Mr. Nicolae Petrisor was involved in the development and management of the company since 2000, since the privatization of the institution, with the last 8 years as a member of the Board of Directors. Mr. Marius Milea has an experience of over 30 years in Prospectiuni in various leadership positions, most recently as Director of Production, from 2000 until now.

About Prospectiuni

Prospectiuni is a Romanian company with tradition and an important international supplier of geological and geophysical services. Headquartered in Bucharest, it is strategically positioned to provide services to Central, Southern and Eastern Europe, as well as in the Middle East and North Africa. With over 65 years of experience in the Romanian oil and gas industry, Prospectiuni has a record of successful geophysical data acquisition projects countrywide, contributing to its economic and energetic evolution.

June 26, 2015

Prospectiuni - the largest and most active company on the European market of geophysical services
Mediafax

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Gehrig Schultz, Prospectiuni CEO:

“Prospectiuni, an independent publicly traded company, listed on the Romanian AeRO stock exchange, continues business activity regularly, without disruption. Prospectiuni is not a party to any of the legal actions or sentences. Even if businessman Ovidiu Tender will no longer be conducting business, the company continues its activity without being affected by the new changes taking place in this period.

Prospectiuni’s business continues as normal. The company remains the largest and most active geophysical company in Europe. We will be running two crews in Romania, and one crew internationally for the remainder of 2015. The market situation with low and volatile oil prices has depressed seismic acquisition activity worldwide.

Prospectiuni is currently negotiating contracts to be executed in Romania and internationally in 2015. These contracts are in addition to already signed contracts that have been significantly delayed by failure to enforce the Romanian nation’s right to access lands in Western Romania near Arad, Oradea and Timisoara to search for conventional deposits of natural gas.

Business will continue as usual. In previous meetings with clients, providers and government entities, they expressed their intention to support Prospectiuni’s operations as a leading commercial enterprise.

I would like to thank our employees for their loyalty, patience and dedication. We know this challenging situation is temporary also because we have a great team to handle it and overcome it together.”

May 19, 2015

Prospectiuni Bucuresti has turned profitable in Q1, with the highest profit in the last years
Ziarul Financiar, Author: Roxana Pricop

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The geophysical and geological prospecting company Prospectiuni Bucuresti (PRSN) has concluded the first three months of the year with a net profit of 9.2 million Lei, the best result for the first quarter of the last years, helped by favourable meteorological conditions that allowed it to continue the works for the existing contracts, but also due to the decrease of protests against shale gas. In the first quarter of last year, the company has reported a loss of 5.2 million Lei.

The investors on the stock exchange market have reacted to the financial data announced by the company: PRSN shares have increased by 6% in Friday’s meeting, May 15th, up to a quota of 0.0830 Lei/stock. To this benchmark, the company has a market capitalization of 59.5 million Lei. “In the first quarter of the year, the company has performed 3D geophysical data acquisition with 4 crews, as well as geophysical data processing works based on contracts concluded with Romgaz, Hunt Oil, Amromco“, according to the quarterly report issued by the company.

The company’s turnover has increased by 4% in the first quarter up to 81.8 million Lei. The total revenues have slowly increased up to 84.3 million Lei, and the total expenses were negatively adjusted to 16%, mainly due to the decrease of operating costs. The company has recorded a profit of 12.7 million Lei from operations, compared to losses of approximately 4 million Lei in the same period last year. On the other hand, the company has doubled up to 2.7 million Lei its financial losses, following the exchange rate fluctuations.

Prospectiuni Bucuresti is controlled by the businessman Ovidiu Tender (55.7% din capital). SIF Muntenia (SIF4) is the most important ordinary shareholder, with 11.8% of shares.

May 6, 2015

Prospectiuni CEO: We have cut the costs to reflect the "new reality" of the oil services demand
Ziarul Financiar, Author: Radu Bostan

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The lower levels of activity are „a long term reality“ in the oil services sector, considering that the oil price is maintained at approximately 40% lower than last year, declares Gehrig Schultz, Prospectiuni Bucharest CEO, a company of geological prospecting active on three continents.

The rapid decrease of the quotation „weaned“ oil and gas producers from making investments, and their reluctance is transmitted to the suppliers of services and equipment, which seek to reduce their fix expenditures in order to survive in the market with a lower volume of demands.

„Our clients are only investing in projects for which they have contractual obligations to host governments or which will generate cash flow in the near term. We expect this to be the «norm» through 2016“, says Schultz, President and General Manager of Prospectiuni (stock exchange symbol PRSN), a company that is part of Ovidiu Tender’s group.

As provider of information on the geology of oil concessions, Prospectiuni is involved in the first stage in the exploration and development process of an oil and natural gas deposit, so that the business is in the first firing line when the major players within the sector decide to limit their investment budget. The blockage in the oil sector was one of the factors that determined the final outcome of Prospectiuni in a negative territory for the first time in the last 10 years, after the turnover has collapsed by 20% compared to the previous year.

The company has resorted to cost reductions and has shifted towards other markets, such as Egypt and Albania, in order to survive the context in which Romanian clients inclusively have reduced their demands. OMV Petrom (SNP) and Romgaz (SNG) had together a share of 66% of last year’s business turnover of Prospectiuni.

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„Both our main clients in Romania reduced their geophysical budgets in 2015, one deferring all investment until 2016, one deferring all investment until 2016 and the other reducing investment by over 60%. The main actions we are taking are reducing costs to reflect a new reality for demand. Prospectiuni began adjusting its cost structure in Q4 2014. We have restructured almost all departments to maintain core competencies while reducing cost significantly. Changes to our cost structure will save over € 6.5 million annually“, pointed out Gehrig Schultz.

Prospectiuni expects a better year in 2015, during which the business turnover would increase by 14%, to 79 million Euros. The results in Q1 are already positive, states Schultz, due to work contracted last year. The market will remain too low in relation to the company’s working capacity.

„We expect that ongoing demand for our services will require on average 3 to 4 operational teams to supply domestic and international markets, while our peak operational capacity is of eight teams simultaneously. Uncertainty in oil pricing has delayed contract awards in 2015, which will delay job commencement until Q2“, said the Prospectiuni CEO.

He added that the company is currently negotiating both international and domestic contracts for work, which would be implemented in Q3. Opportunities to expand will also emerge in 2016, when a part of Prospectiuni’s competitors will withdraw from the market.

April 30, 2015

Prospectiuni has concluded agreements for 70% of its working capacity
Ziarul Financiar, Author: Radu Bostan

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After ending last year with losses, the company wants to grow this year by 14%.

The geophysical and geological prospecting company Prospectiuni Bucharest (stock exchange symbol PRSN) aims to recover last year’s losses due to blockage in the oil industry, with the goal of obtaining revenues of 79 million Euros, compared to 69 million Euros in 2014. The target is covered by contracts in proportion of approximately 60%.

„For 2015, the company has already signed contracts for works in Romania, amounting to approximately 53 million Euros (OMV Petrom, Romgaz, Panfora, Hunt Oil, Amromco), that cover approximately 70% of the production capacity“, writes Gehrig Schultz, president and general manager of Prospectiuni, in the annual report.

„In the upcoming period we will participate in tenders organized by oil companies for geophysical data acquisition works in Romania, scheduled for this year’s 3rd and 4th quarters, with a total worth estimated at approximately 37 million Euros“, says the prospecting company’s CEO.

The management’s positive expectations come after a year in which objective factors such as the reduced oil price, the protests against oil exploitation and weather have determined the company to drastically deviate from its business and profit targets. In the beginning of 2014, Prospectiuni had expected and extra business budget of 8% and a higher profit by 22% compared to 2013, still it has ended the year with a decreasing turnover by 20%, and the first negative result in at least the past 10 years, of 61 million Lei.

“2014 was a challenging year, with issues of protests against shale gas exploitation, the dramatic decline of the oil price, adverse weather conditions, difficulties encountered in land access and the delays in Romanian oil royalties’ regulation approval, which all contributed to a decrease of exploration investments”, explained Gehrig Schultz.

On the stock exchange market, the disappointing results have driven the price of PRSN securities to a minimum from the past three years, and the company has lost half of its market value in the last 12 months. Prospectiuni, which has a market capitalization of 56 million Lei, is controlled by business man Ovidiu Tender (55.7%). SIF Muntenia (SIF4) is the most important minority shareholder, owning 11.8% of shares, according to the latest reports.

Although internally the oil prices drop have determined players such as OMV Petrom (SNP) to reduce their investment budgets, the demand for prospecting services being lower, Prospectiuni foresees a larger volume of activity internationally, which would bring 25-30% of businesses. North-African countries have a good potential in this respect, where oil investments are unblocked along with the relieve of social and political tensions in recent years. Prospectiuni is considering opening an office in Egypt to coordinate the activity in the region.

“Externally we have already participated in tenders in Albania and Egypt, and their results will be published in June. The works are programmed to unfold in this year’s second semester and in the first half of 2016. The estimated value of these works is of 35 million dollars. Also, in the second part of this year, we intend to participate in tenders for works that will take place in Bulgaria, area in which we successfully operate since 2008”, adds Schultz in the report.

April 20, 2015

Dinosaur Hunting in Transylvanian and Hateg basins
Author: Dr. Darren Naish - University of Southampton, UK

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Over the April of 2015, a team of palaeontologists and students from the University of Southampton in the UK, the University of Bucharest, Babeș-Bolyai University of Cluj Napoca, the "Ioan Raica" Municipal Museum of Sebeş and the Transylvanian Museum Society of Cluj Napoca explored fossil-bearing localities across the Transylvanian and Haţeg basins. Our aim was to explore new sites and to find and excavate the remains of the dinosaurs and other ancient fossil animals that lived in the region more than 66 million years ago, at the end of the Cretaceous period. Our work was supported, in large part, by Prospectiuni.

Of all the things that Romania is famous for, fossils are not among them. But they should be, since sites across the country have yielded remarkable, unique species that provide data on ancient life in the region. Thanks to decades of geological and palaeontological work, we know that much of Romania was an island continent during the latter part of the Cretaceous. The sauropod, armoured and duckbilled dinosaurs that inhabited this island were dwarfs, half the size of their relatives elsewhere, and big predatory dinosaurs like tyrannosaurs appear to have been absent. A unique and controversial, goose-sized, bird-like dinosaur called Balaur bondoc, known only from Glod, in the Transylvanian Basin, is among Cretaceous Europe’s most complete theropods (theropods are the predatory dinosaurs and birds).

Living alongside these dinosaurs were numerous lizards, snakes, small mammals and other animals. Pterosaurs – the membranous-winged flying reptiles of the Mesozoic Era – also inhabited the island, and one (termed Hatzegopteryx) is one of the biggest pterosaurs yet discovered. Its wingspan is thought to have exceeded 10 metres.

Our aim during April 2015 was to prospect at several sites known or suspected to yield the remains of dinosaurs and other animals. We also planned to do something only ever done a few times before: to abseil down the flanks of the impressive rocky cliffs at Râpa Roşie (close to Sebeş) to prospect for bones emerging from layers many metres above the ground.

April is not exactly the best time to do fieldwork in Romania. It rained, it snowed, and the water in the rivers where we extracted fossils was ice-cold. But we also enjoyed sunshine and days of relative warmth, and the weather was never inclement enough to affect travelling plans or fieldwork. The distances between sites and the terrain we had to cross made our trusty Prospectiuni vehicles an essential part of our expedition. The vehicles also meant that we could transport the more unwieldy of our discoveries from site to site with ease – a luxury we have had to forego on previous trips.

For much of the expedition, we remained based at Râu Bărbat, most of our prospecting concerning the banks and bed of the Bărbat River at Pui. Here, fast-flowing water and sedimentary layers exposed at just the right height mean that much of the riverbed is formed of exposed red rock – the exact layer which contains the fossils we hoped to discover. Significant discoveries are made every time we search the river: bone fragments belonging to dinosaurs and turtles are abundant, and many were collected. An unusually large, beautifully preserved tooth, provisionally identified as belonging to the large, predatory crocodile relative Allodaposuchus, is unusual in several respects and is due further study. Even better was the discovery of a partial duckbill dinosaur skeleton that includes a near-complete lower jaw and other bones from the skull. This specimen (which is unusual with respect to other duckbill specimens from Romania) will augment our on-going study of Romanian duckbills.

We also visited the historically significant site of Sînpetru, one of the first places to ever yield dinosaur fossils in Romania. Duckbills, sauropods, armoured dinosaurs and other Cretaceous animal fossil have been found here, and we were lucky enough to discover an excellent tail bone from a titanosaurian sauropod.

Pui and Sînpetru are both Haţeg Basin localities, but we also explored localities in the Transylvanian Basin to the north-east. While based in Petrești, near Sebeş, we looked for fossils at Râpa Roşie. Dinosaur bones have been found here, but the most remarkable fossils from the site are those of the giant pterosaur Hatzegopteryx. Hatzegopteryx belongs to a group of long-skulled, toothless pterosaurs, called azhdarchids. These are among the most controversial creatures of their time: experts continue to argue over their lifestyle, appearance in life and evolutionary history. One problem is that the remains of giant azhdarchids like Hatzegopteryx are extremely rare, with only a handful of specimens being known worldwide. We were thus delighted to find a partial upper arm bone from one of these animals.

Also significant is our discovery at Râpa Roşie of a partial lower jaw from a small azhdarchid. We cannot yet say whether this is from a juvenile of a Hatzegopteryx-like animal, or from an animal that was not particularly big as an adult. Technical study of the specimen (probably involving microscopic examination of its internal bone texture) will have to be undertaken before we can say either way. Whatever the result, finding two pterosaur specimens on one trip is quite an event.

All in all, our expedition was extraordinarily successful and we now plan to undertake the required technical work on the many fossils we found. We thank our local partners, the National Geographic Society and Prospectiuni, for the assistance that made this trip possible.

March 24, 2015

Prospectiuni celebrated alongside the community in Ilisesti 525 years of documentary certification

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This year’s month of March was much more special for the villagers in Ilisesti, Suceava County, because it marked a special event in the history of the community: the celebration of 525 years of documentary certification. And, given the fact that the Prospectiuni crews are always glad to support the communities where they unfold their activity, our representatives in the field stood by the locals, Prospectiuni becoming a partner of the events that celebrated this anniversary.

To mark the 525 years of documentary certification, the city hall of Ilisesti commune organized a series of cultural and artistic events. The celebration took place at the commune’s Community Centre, being preceded by speeches which presented the history of the commune and the personalities that were born here. Among these we mention Dumitru Rusu, painter and member of the Fine Arts Union of Romania, as well as the renowned folklorist Simion Florea Marian, member of the Romanian Academy, whose memorial house is one of the most important tourist attractions of Suceava municipality.

According to the declarations of the local mayor, Mr. Florinel Radutu Avasaloaie, the second part of the event included an artistic programme that featured a folk recital by vocalist Gabriela Teisanu and „Simion Florea Marian” & „Floarea Sperantei” ensembles.

Ilisesti was first mentioned in an official document on March 15th 1490. At that time, ruler Stefan cel Mare built 50 churches with priests for the Episcopate of Radauti, amongst which 44 in the Suceava province and 6 in Cernauti. Among them was the „church of Iliasinti (Ilisesti) with priest”.

Another remarkable moment in the history of the commune took place in 1940, when the remigration of the Germans from Bucovina was established. Based on a convention between the two states, a joint commission performed the inventory of the properties left behind by the repatriates. These properties were taken over by the Romanian state, which paid their counter value in cereals and oil, following the German state to compensate those repatriated.

In Ilisesti, a large commune, with beautiful households, one half being inhabited by Romanians and the other by Swabian German settlers, they did not perform an inventory of the properties delivered to the Romanian state, but donated all of them to the commune and its Romanian inhabitants, thus demonstrating that, for more than a century, the Swabians from Ilisesti cohabited with Romanians in harmony, and wish for these objects to remain as a sign of beautiful recollection.

March 16, 2015

The American from Prospectiuni Bucharest: If I were to invest my money, I would look at those places where oil has already been discovered. There is still a lot of oil to be found here
Ziarul Financiar, Author: Radu Bostan

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For more than 150 years since the digging, almost manual, of the first wells and after almost a century of industrialized exploration, in Romania’s underground there is still oil.

Where? Right there, where others have found and extracted it, decades ago. Only that until recently oil has been sought with the help of radiographies of the land in Romania, for too little time we have started to use the equivalent of the computerized tomography, says the American running the oldest company of geological services in the country.

„Romania has been explored very thoroughly to a depth of approximately 3.000 meters. But when it comes to greater depths, Romania is not so well explored compared to other countries. If I were to invest my money in oil exploration, the first places I would look at would be those where oil has already been discovered and I would use new technologies to find it. There are still many hydrocarbons to be found “, says Gehrig Schultz, the President and General Manager of Prospectiuni Bucharest.

The company is tracing its genealogy until the establishment of IPPGH - The Enterprise for Geological and Geophysical Survey of Hydrocarbons in 1950, in its turn separated from the Geological Institute of Romania created in the beginning of the 20th century. During those 60 years, either as an institute, SovRom, enterprise or private company, Prospectiuni has been involved in the majority of oil and natural gas exploration projects, including the first 3D seismic data acquisition and the first „radiography“ of the sea bed. Although in recent years the activity has expanded abroad, Romania still keeps occupied the company’s crews, which are now revisiting the deposits that were „mapped” a decade ago. „I have a picture on the wall with seismic prospecting works near Moreni, in 1932. Oil was discovered in Moreni in 1860, wells have been drilled in 1890, the exploitation was destroyed in the First World War and then it was drilled again in 1920. The first seismic prospecting was performed in 1932. We have performed 3D seismic data acquisition in 2012 and now wells are being drilled there again“.

Prospectiuni’s CEO explains that for the production technology from 1950, a recovery rate of 16% from a field rich in oil could have been considered a good result. During the 1990, with the latest technology, an oilman could obtain 25% of the oil deposit, while three quarters remained underground. Currently, the recovery rate increased up to 40%, due to new drilling and extraction techniques. Still the evolution of production technologies has always been accompanied by technical progress in the field of geological prospecting.

„In old fields, new production techniques such as horizontal drilling can provide very good results, but you have to know where to use them and here we intervene. The companies spend millions of dollars on drillings, thus they need information as accurate as possible regarding the underground structure“. He draws a parallel between geological progresses and the advance of the medical diagnostic method.

March 1, 2015

Prospectiuni owns 52% of the EU market of geophysical prospecting
Jurnalul de Afaceri, Author: Madalina Stoica

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The company relies on the major projects outside Romania. Founded in 1950, the company was initially called the Institute for Geological and Geophysical Survey of Hydrocarbons. Starting with 2000, the company was privatized though public offering, at the Bucharest Stock Exchange.

Prospectiuni is currently one of the most important suppliers of geological and geophysical services, with a vast experience in the Romanian oil and gas industry. The company also operates outside Romanian borders, providing specialized solutions with the help of direct partners and can put nine crews at their disposal, with state of the art technology, which ensures the geophysical data acquisition, together with four mining exploitation crews. “My history in this company begins in 2008, when the Prospectiuni S.A. board of directors asked me to take charge, so as to increase the company’s exposure on international markets and to turn Prospectiuni into a more commercial company”, declared Gehrig Schultz, Prospectiuni S.A. CEO.

Investments

Prospectiuni is a company with a strong technical base, engineers and scientists with a lot of experience and it has invested heavily in our country, in its 65 years of existence.

Starting with 2008 and until 2014, the company’s investments amount approximately 42 million Euros, and the money was directed towards increasing the capacity, in order to support the Romania’s and other European countries’ needs with regards to the resource exploration industry. ”Currently Prospectiuni owns 52% of the EU market of geophysical prospecting. Therefore, the investment was made to increase the company’s capacity and to increase Prospectiuni’s market share”, added the company’s management.

The investments that are done on an ongoing basis, however, are those directed towards training the employees. The company collaborates closely with specialised technical universities in our country, to help them develop and support personnel, who will specialize and contribute, afterwards, to company’s development. Other constant investments are those destined to IT systems and specialized equipment. “Our company focuses on quality. This is one of the things that make Prospectiuni S.A. a very appealing company. The strongest part of the organizational culture is represented by the commitment that the employees have regarding quality”, believes the Prospectiuni CEO.

Technology

The company offers the clients and business partners a wide range of geological and geophysical services, including 2D, 3D and 4D geophysical data acquisition on shore, geophysical data processing, data storage, geological and geochemical analysis, magneto-telluric, magnetic and gravimetric prospecting. Having experience in areas difficult to access such as deserts, mountains, cultivated and forested areas, the company can, also, operate successfully in urban regions, heavily populated, and can use various energy sources, including explosives, vibrators, „accelerated weight drop” and “airgun” systems. The company has also ultramodern recording equipment and it is a leader in operating wireless recording systems.

In addition, within the Prospectiuni S.A. computing center, specialized crews process geophysical data recorded in areas with a complex geological structure. The successful projects that have been performed on data sets in Europe and Middle East, North Africa and South America stand as an example.

With the help of a crew of geophysicist and geologists, the geological and geophysical studies are integrated, in order to provide an analysis of the sedimentary basin in a wide range of hydrocarbons exploitation areas, in various geological conditions in Romania, Republic of Moldavia, Iraq, Libya, Egypt, Sudan, Ecuador, Kazakhstan, North Korea, Philippines and Turkey.

Moreover, the company offers the guarantee established by the HSE&Q international standards, using a wide range of new equipment and a team of professionals. “Is hard to imagine, but we measure the Earth every day 6 million times. In one location we have up to 6.000 pieces of equipment that perform measurements, and this equipment is used at every 50 meters in any direction and cover 90 square kilometres. When I said that we are a technological company, it is not only because we use a lot of electronic equipment, but we also gather a large volume of information. The technology that we use is the same as performing an ultrasound for a baby, but we are trying to see what is found 600 meters underground. Is a very complicated computerized process”, declared Gehrig Schultz, Prospectiuni CEO.

The economic crisis

Starting with 2008, the oil and gas industry underwent a difficult period. The main reason was the adjustment of the oil price in the capital market, due to the economic crisis, and the effect was strongly negative.

Although, currently, the prices in the industry have started to increase, the negative effects are still being felt, and there is still the problem of liquidity. „2014 was extremely difficult for our company. In the beginning of the year we faced greater difficulties in accessing the perimeters where we had to perform measurements. Therefore, we had to unfold important projects, but because of the NGOs that were influenced by false information regarding the impact of our geological and geophysical studies, we could not commence them. It was a difficult period, especially because Prospectiuni does these researches in Romania for over 65 years without causing any negative effect to the environment”, explain the company’s officials. This caused the need to regain the people’s trust.

The problems did not end, given that the end of last year has brought another problem. The issue is the adjustment of the oil price. Given that 95% of the Prospectiuni business is oil related and certain contracts were cancelled, and others renegotiated against a reduced oil price, 2014 proved to be a difficult year.

Future plans

Currently, the company has three important projects in progress. The first one is related to the search for conventional natural gas in the Eastern part of Romania, in different perimeters. Moreover, the company is involved in another project that is just starting, for Hunt Oil and Petrom. Also, we are working in another project, in Turkey, and another project in Egypt is expected to start in the future.

With a turnover of over 380.000.000 Lei recorded in 2013, the company’s future plans involve, firstly, maintaining stability, in an unstable market, confronted with many changes. ”We now have a good market position; we have contracts that will maintain the company at full capacity throughout the entire 2015. What is very important for us, as well as for the entire oil and gas industry, is to maintain a good level of activity. On medium term, we aim to have a sustained regional growth. Last year we began our first operation in Albania and is important for us to increase our market share in this country, as well as in other countries in the Balkan region or Greece. Also, we just started a new operation in Turkey; the expansion on this market is a priority for us. Likewise, the contract in Egypt is extremely important”, declared Gehrig Schultz, Prospectiuni CEO.

February 27, 2015

Gehrig Schultz, Prospectiuni: Romania was explored only with radiographies, but now we are making 3D ecographies. There is still a lot of oil to be found
Ziarul Financiar, Author: Radu Bostan

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For more than 150 years since the digging, almost manual, of the first wells and after almost a century of industrialized exploration, in Romania’s underground there is still oil. Where? Right there, where others have found and extracted it, decades ago. Only that until recently in Romania oil has been sought with the help of radiographies of the land, for too little time we have started to use the equivalent of the computerized tomography, says the American running the oldest company of geological services in the country.

„Romania has been explored very detailed to a depth of approximately 3.000 meters. But when it comes to greater depths, Romania is not so well explored compared to other countries. If I were to invest my money in oil exploration, the first places I would look at would be those where oil has already been discovered and I would use new technologies to find it. There are still many hydrocarbons to be found “, says Gehrig Schultz, the President and General Manager of Prospectiuni Bucuresti.

The company is tracing its genealogy until the establishment of the Institutul de Prospectari Geologice si Geofizice de Hidrocarburi (IPPGH) in 1950, in its turn separated from Institutul Geologic Roman created in the beginning of the 20th century. During the 60 years, either as an institute, SovRom, enterprise or private company, Prospectiuni has been involved in the majority of oil and natural gas exploration projects, including the first 3D geological data acquisition and the first „radiography“ of the sea bed. Although in recent years the activity has expanded abroad, Romania still keeps occupied the company’s crews, which are now revisiting the deposits that were „mapped” a decade ago. „I have a picture on the wall with geophysical prospecting works near Moreni, in 1932. Oil was discovered in Moreni in 1860, wells have been drilled in 1890, the exploitation was destroyed in the First World War and then it was drilled again in 1920. The first geophysical prospecting was performed in 1932. We have performed 3D data acquisition in 2012 and now wells are being drilled there again“, says Schultz.

Prospectiuni’s CEO explains the production technology from 1950, a recovery rate of 16% from a field rich in oil could have been considered a good result. During the 1990, with the latest technology, an oilman could obtain 25% of the oil deposit, while three quarters remained underground. Currently, the recovery rate increased up to 40%, due to new drilling and extraction techniques. Still the evolution of the production technologies has always been accompanied by technical progress in the field of geological prospecting.

„In old fields, new production techniques such as horizontal drilling can provide very good results, but you have to know where to use them and here we intervene. The companies spend millions of dollars on drillings, thus they need information as accurate as possible regarding the underground structure “, says Gehrig Schultz, who draws a parallel between geological progresses and the advance of the medical diagnostic method. „Long ago, everybody needed to make radiographies, and nowadays investigations are usually made through computerized technology. It is exactly the same evolution in the oil industry. Until 2002, Romania was explored with the help of the geological equivalent of radiographies. Today we base on tomography, or we can even say that they are 3D ecographies. Romania started to apply more aggressively the 3D geological data acquisition works only in 2008. In the last two years we mapped around 10.000 square meters in the country.“

Schultz jokes about a new oil discovery in Moreni, a locality in Dambovita, considered „the cradle“ of the Romanian oil industry, that would be almost the same thing as the discovery of a new species of animals in Cismigiu park in Bucharest. „There is no better place where to look for oil than where it has already been found. “ Hence, relying on new production technologies and more accurate „maps“ of the underground, the oil and natural gas producers chose to revisit again and again the same old fields and look for new resources at greater depth or in other geological structures. OMV Petrom has a solid investment program of redeveloping old exploitations, this being one of the measures that helped the company stop the decline of crude oil production in 2013.

Last year, Petrom and its partners from Hunt Oil have identified a new deposit in Buzau, an area that has been exploited for over 50 years. In its turn, Romgaz requested the National Agency for Mineral Resources (ANRM) the extension of operating licenses for several deposits, arguing that new technologies make it possible to maintain the production of deposits for several years to come. For both companies, each barrel or stere added or maintained in production is important.

„Generally, approximately seven years pass by from the 3D data acquisition in the field until the development of a field. The very fact that these new discoveries have compensated the natural production decline is something amazing “, says Gehrig Schultz.

With over 21 years of experience on three continents, Schultz was brought in 2008 at the company’s management by the major shareholder, Ovidiu Tender, who wished to expand the activity of the company, dependent on two traditional clients Romgaz and Petrom, overseas. Thus, Prospectiuni came to work in Senegal and Guinea-Bissau, where Tender had managed to obtain oil concessions, but also in Morocco and Georgia. Further, Prospectiuni wants to enter the market in Egypt, where the thawing investments in natural gas exploration, after four years from the revolution that removed the head of state, promising new opportunities for the first companies that will establish a presence in the country.

The most part of the businesses continues to come from Romanian contracts. Relying on an increased activity internally, two years ago Prospectiuni called home its crews that were spread throughout the world, only to face a blockage due to protests against hydrocarbons exploration. Initially started from the opposition of the communities regarding shale gas exploitation, the demonstrations have unjustly persecuted afterwards the unconventional resources exploration projects, such as those in Western Transylvania. The local communities acquiesced the landowners’ requests in the areas targeted by oil projects and banned the exploration works. Although the oil law says that the state is an independent owner of the underground resources, the authorities from Bucharest have moved timidly altogether to cancel the local decisions.

„The most substantial impact in our results in 2014 was played by the Government’s failure to exercise its exploration rights in the west of the country “, mentions Schultz. At the beginning of 2014, Prospectiuni had budgeted businesses of 435 million Lei, increasing by 8, 6%, and a net profit of 28, 5 million Lei, 22% higher than 2013. However the bad weather, the protests and the difficulty to obtain access in the field and building permits have delayed the company’s projects. After nine months, Prospectiuni announced businesses of 215 million Lei, decreasing by 21%, and instead of profit the company reported losses of 37 million Lei.

„The Romanian government is the owner of all the underground resources; however in 2014 some landowners blocked the exploration projects, especially in the western part of the country, not allowing the access to the surface. It is hard to understand. As business men, we must use the rights from the state’s concession licenses in order to create job offers and wealth for the population. We must take legal and administrative actions in order to defend this right. At the present moment we have a situation where the farmers are simply blocking the achievement of an economic benefit for the entire country.” Thus for now the most part of the Prospectiuni’s revenues come from the same two clients, Romgaz and Petrom, which together ensure almost 100% of oil production and 96% of gas production.

New clients may appear in Romania only if new exploration perimeters would appear from somewhere, but the National Agency for Mineral Resources puts off the bid that should attract new players. The last date that was communicated for the organization of the bid was March 2015; still chances are that this will be postponed until the clarification of a new tolling system in the oil industry. The current system of royalties was riveted for a period of 10 year form Petrom’s privatization, in 2004. Still after the deadline expired, at the end of last year, the Romanian government has decided to wait a year before modifying the system.

„At these bids of licenses the question is not only when will they take place, but how long will it take to obtain the ratification of the terrains and various permits. As a consequence, our budget for 2016 does not take into account a possible bid. Even if the bid would take place according to the schedule, in March 2015, with all the negotiations and approvals we already arrive until the end of 2016“, says Gehrig Schultz. „It’s a pity that the bid has not been obtained by now, but if Romania wants to attract serious companies it must clarify the financial conditions. In the long term, solving the situation of the royalties will bring better companies in Romania. “

February 12, 2015

Prospectiuni negotiates several contracts in Egypt, for extra 20% revenue
www.zf.ro, Author: Radu Bostan

news

The geological service provider Prospectiuni (stock exchange symbol PRSN) is negotiating several prospecting agreements with natural gas producers in Egypt, which will bring an extra 20 % to the turnover, after a difficult 2014 internally.

Prospectiuni is already looking for a country manager for the future office in Egypt.

„We are currently negotiating contracts in Egypt, and if we conclude them, we will need someone to manage the business onsite. Egypt is a counter-cyclical market, because political problems in recent years have delayed the exploration works“, says Gehrig Schultz, President and General Manager of Prospectiuni.

Four years from the revolution that toppled Hosni Mubarak, head of state for 30 years, the political situation in Egypt has stabilized.

Oil companies are now willing to fulfill their hydrocarbons exploration engagements, whether the oil price is 100 or 50 dollars/ bbl. The interest of the players in the natural gas production translates in a great potential of prospecting activity for Prospectiuni.

„The companies that first set foot in the country will have a significant advantage over those who arrive later. We would be the second company (of prospecting – editor’s note) that opens an office in Egypt. The first one was a French company, CGG“, explains the Prospectiuni CEO.

The agreements in Egypt could bring the company a 15-20 % growth as compared to 2014, claims Schultz, who did not wish to disclose the value of the contracts or business over the past year.

Prospectiuni had budgeted in the beginning of the year a business value of 435 million RON, increasing by 8, 6%, and a net profit of 28, 5 million RON, 22% more compared to 2013. Yet bad weather, the protests against shale gas exploitation, and the difficulty of obtaining access to the land and building licenses have delayed the company’s projects. After nine months, Prospectiuni announced a business value of 215 million RON, decreasing by 21%, and instead of profit the company reported losses of 37 million RON.

The price of PRSN shares has decreased by 32% during last year and with another 7% from earlier this year, until it reached 0, 09 RON/deed.

The company has now on the RASDAQ market a capitalization of 70 million RON, with 33 million RON less than last year. Prospectiuni will announce of February 27th the preliminary results for 2014.

„It has been a very difficult year. Given the fact that we had expected an intense activity, we have repatriated a large part of our equipment, but the problems regarding the access to the land blocked our activity. We did not expect the protests to affect all our activities; we thought they will focus on shale gas. In 2014 we only had one project related to shale gas exploration, for Chevron, but we conducted other 20 projects unrelated to this. The protesters did not care whether they were protesting against shale gas or not“, claims the General Manager of Prospectiuni.

Meanwhile, the demonstrations became less frequent, but now the oil industry, where most Prospectiuni clients work, face an economic challenge: the low price of crude oil, half value compared to 12 months ago. The majority of large oil companies have reduced their investment expenses, previously targeted in projects that became profitable with a price of 50 dollars a barrel.

The Romanian market, which represents 90% of the Prospectiuni business, has not yet been affected, because the companies would be sanctioned by the National Agency for Mineral Resources (ANRM) if they would not fulfill their commitments of developing the perimeters, states Gehrig Schultz. Moreover, the majority of local Prospectiuni projects target natural gas, not crude oil.

„Exploring gas deposits remains very promising in Romania, especially due to the concern for energetic security, meaning that it would be better for Romania and Europe to find their own natural gas resources, not to depend upon gas imports“, explains the Prospectiuni CEO.

The company expects in 2015 a workload similar to 2014, but with more profit. However, the wave of investment reduction could reach the Prospectiuni business in 2016, and Schultz says that he has reduced the expenses and is currently reevaluating the perspectives of the various lines of business prospects of the company, preparing for a period of reduced activity starting next year.

„A concern for us and probably also for the rest of companies in Romania is that the bank stopped giving us money. Furthermore, large companies, such as Petrom, are now trying to defer payments to suppliers, from 60 days to 90 days. Further, small firms that work for them should in their turn postpone their suppliers“, which maintains the lack of liquidity in the market, explains the CEO of Prospectiuni.

The company is part of the Tender group owned by Ovidiu Tender, who holds 55% of the shares. SIF Muntenia (SIF4) owns 11, 8% of the capital, and SIF Transilvania (SIF3) controls 5%.

January 16, 2015

Prospectiuni has been awarded for its involvement in the "EcoAtitudine" campaign

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Throughout 2014, Prospectiuni was partner in the ecologic and environmental education campaign „EcoAtitudine”. The campaign was initiated by the European Press Group REPORTER and the Iris Terra Green association, having as official partner the Infomediu Europa magazine, the most important environmental publication in Romania.

And, as the celebration of 5 years of implementing the campaign could not pass by unnoticed, the moment was marked at the end of last year by a special awarding gala of the organisations involved in the fight for a cleaner environment. Moreover, it has already become a tradition for the Infomediu Europa magazine to award these initiatives each December.

Last year the tradition was taken forward, but in a completely different manner, the Infomediu Europa magazine Awarding Gala „opening its arms” for its guests. Within this event, Prospectiuni received a special award for its support and remarkable involvement in the „EcoAtitudine” project.

EcoAtitudine is the most ample program of ecologic education addressed to 0 – VIII grade children, unfolding until 2020. The project has as main purpose the awareness of the importance of selective waste collection among students, an area where Romania still draws negative signals from the European communities. In the 2014 edition, 111 schools were included in the project with the participation of 62.468 students.

January 8, 2015

Romania E&P: The Candy Shop is Full...

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Prospects for oil and gas developments in Romania are plentiful, if one can navigate through the obstacles, according to Gehrig Schultz, Chairman of the Board and CEO, Prospectiuni, at the Romania Oil & Gas conference in Bucharest.

He said that while the “candy shop” is full, accessing it required a note from mom.

“Here we are in Romania, which is the richest place in Europe, that has all kinds of oil and gas resources that have been discovered, or are still in our minds, but it's pretty difficult to get on the land to do our work,” he explained, despite the great technologies available to the industry, like completing wells innovatively, for example.

But, he said, the industrial environment has changed, making it difficult to do measurements, drill wells and execute programs.

As an anecdote he recalled, “When I arrived in Romania, after we got an award for a seismic contract we could be out in the field 2-3 weeks later; now, on some of our jobs, it's 180 days, and in some conflicted areas we're running on almost 240 days.”

Mr. Schultz listed some of the impediments like government permitting, EU requirements as well as local regulations. One recent one, which he said made sense, is the “trace and track” regulation on industrial explosives.

Land access, he explained, has also become vastly more complex.

“There's a lot of fear, and this fear is created by people who have particular agendas. I've had conversations with some who say 'well, we oppose seismic acquisition, because if you don't do seismic, then nobody will drill a well, and if nobody drills a well you'll need energy from another place, so you'll make a windmill, a solar panel or something else.' So it's very definite - the anti hydrocarbon agenda.”

Activists in Romania, he said, are spreading fear among locals that there land will be poisoned, water tainted, crops fallow, etc. “Some of these people don't have information and they're distrustful of many information sources,” he explained. “We've tried to go through the media, but they're not always the best source because the loudest voices get reported most. The voices that sell the most newspapers, which are often the most frightening, get the front page. And the technical article that explains exactly what will happen gets put on page 33.”

He also said that the question of who benefits from oil and gas developments was a potential area of conflict with communities, who wanted to know whether drillers were going to buy in local shops, or whether such activities would create jobs for local people. Mr. Schultz admitted that locals can serve in seismic crews, but increased skill levels are needed further up the O&G value chain.

Meanwhile, land entry permits are sticking points in Romania, he said, because of unreliable cadastral maps that threw into question who owns land. Legal battles can occur between concession holders and landowners, according to him.

But, he said, people are looking to develop their communities. As schools in Romania without running water are being forced to close, Mr. Schultz reported that oil and gas companies are drilling water wells to help keep them open. “We can help,” he remarked.

“If we can, as an industry, work with communities, help them be stronger, have benefits... we'll win the battle in the end. We have to be out there and be integrated,” he said, “to build trust throughout the long-term development of an oil and gas field.”

Offering perspectives on offshore operations, Gabriel Ionescu, Director Exploration Division, OMV Petrom, noted that offshore exploration can be expensive.

He explained, “That's why it's a common practice in our industry to take every effort to de risk projects before getting to the drilling stage – the big money stage.”

With that in mind, he said he would share OMV Petrom's experience in de risking projects.

He named the company's exploration licenses in the Neptun (with ExxonMobil), Histria and Midia offshore blocks.

Mr. Ionescu spoke of a big 3D seismic drilling campaign that the company had initiated in 2012-13 in order to classify the play types. He commented, “Out of the 10 play types, we can see that maybe five of them are proven, five are unproven.”

He noted the challenges along the company's Histria block: “We are not speaking about large projects, but small to medium sized ones. We have a couple of small discoveries in shallow water.”

These, he said, will be clustered into small discoveries.

“Dealing with small projects it's a must to have better imaging of the internal sedimentology, the stratigraphy, inter structural model of these projects.”

That mandated the use of broadband seismic, he recalled, which records a broader array of frequencies. The advantages of doing this, said Mr. Ionescu, can be seen all along the E&P lifecycle.

“He offered, “One can see that the results we got are quite encouraging for drilling – some striking features. It's giving us more confidence in these direct hydrocarbon indicators – very encouraging for us.”

He concluded that exploratory drilling was planned some time in the next two years.

Source: www.naturalgaseurope.com, January 08th, 2015
Author: Drew Leifheit

Stiri - 2014

December 16, 2014

Gehrig Schultz named Oilman of the Year by Petroleum Club

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It gives us great joy to announce that Mr. Gehrig Schultz, Prospectiuni’s CEO and Chairman of the Board was awarded as the 2014 Oilman of the Year by Petroleum Club Romania. This distinction was to recognize his excellent work and constant involvement in turning Prospectiuni into a well-known international service provider and in insuring its constant development. In addition, the president of Petroleum Club acknowledged his dedication to supporting the oil & gas industry in Romania.

Andrew Costin, the Petroleum Club President, declared that “The “Oilman of the Year 2014” was awarded to Gehrig Schultz for his outstanding contribution to the development of Prospectiuni and his active involvement in the educational projects of the energy sector in Romania. The Petroleum Club also acknowledged his considerable and constant support of the oil & gas industry in the country and his leadership among his industry peers”.

The award ceremony took place during the Petroleum Club Christmas Party, on December 10th. The event gathered top representatives from the Romanian oil & gas industry, honouring a tradition dating back to 2002. This was no ordinary party, having as theme a Mexican concept.

“This is an important honor because it represents the recognition of everything we have achieved in Prospectiuni and also our work with the University of Bucharest. I am proud to be colleagues with our loyal employees and of our partnership with Dr. Victor Mocanu and the Department of Geology and Geophysics from the University of Bucharest. It’s great to be recognized for building an excellent business, but it is an even more important honor to contribute to educating young people”, said Gehrig Schultz.

The Petroleum Club of Romania is a non-governmental, apolitical, non-profit association, established in 2001 to provide an ideal forum for those working in the oil, gas and energy industry. The membership reflects the keen interest of various industry players to explore new opportunities as well as to provide a conduit for dialogue with authorized Romanian and international entities. Members of the club include top leaders in the industry, government officials and representatives of academia, financial, consulting and legal specialists.

November 28, 2014

Prospectiuni experiment Vibrator versus Egg awarded at the Romanian PR Award 2014

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Within the XIIth edition of the Romanian PR Award competition, Prospectiuni has been awarded for the "Vibrator versus Egg" experiment video, nominated at the “Video production” category. At the same time, it was the first year when the company participated in such a competition.

The purpose of the video was to prove the harmlessness of the geophysical data acquisition process and that the activity of the Prospectiuni top notch equipments is safe and perfectly controlled. We are very pleased of the success of this experiment and we thank the Rogalski Damaschin team for their support.

The prizes have been awarded on Thursday night by the competition’s jury, within one of the most important events of the communication industry in our country. This year’s edition of the Romanian PR Award enjoyed the support of a top international jury, gathering communication experts from USA, Great Britain, Switzerland, Italy, Belgium, Holland, France, Hungary and Romania.

November 19, 2014

Searching for natural gas in Beresti-Bistrita

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www.desteptarea.ro, author: Silviu Patrascanu

Following the Poduri commune, where gas and oil has been discovered that are currently being exploited, the communes in the northern area of the county are now targeted by the natural resources seeking companies. The residents of Beresti-Bistrita are curiously and hopefully following the activity of the experts.

“The mapping of the entire area is being made. They came to us, introduced themselves, have all the approvals, everything is all right. They are searching for natural gas”, declared Ionel Alcaz, the mayor of the Beresti-Bistrita commune. For the private lands, where they are performing exploration activities, the company has concluded agreements with the citizens, and for the public domain, with the Beresti-Bistrita city hall, states Ionel Alcaz.

“I would be glad if they found something because the presence of an investor in the commune means jobs and extra money for the budget.” The National Gas Company Romgaz Medias mentions that the works “have a significant impact on the environment”, the “landowners receive compensations correspondent to the caused damages” and they are searching for conventional natural gas, not shale gas.

The exploration is performed by SC Prospectiuni SA, based on an agreement with Romgaz. According to the documentation, the researches target a wider area, which includes eight localities: Beresti-Bistrita, Buhusi, Damienesti, Filipesti, Itesti, Negri, Ravova and Saucesti.

November 14, 2014

A village with 3.500 inhabitants in Maramures, reinstated on the oil producers’ map in Romania

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www.adevarul.ro, author Rares Moise

Following the oil trails in Sacel, Maramures County. The oil deposits in the above mentioned Maramures locality were discovered initially around the 1890, the discovery being made by a local.

The Viennese Dietner and Sorg Carol started the oil extraction in 1899, the first premises for oil research being released by the Austro-Hungarian Government. The oil deposits in the Sacel area have also been exploited in the twentieth century, discontinuously. We know for sure that the searches for the “black gold” have recommenced. The Prospectiuni SA representatives are making researches at the request of Brent Oil.

„Our crew started its activity in October; the first stage was notifying the authorities and contacting the landowners of the terrains included in the project perimeter. We estimate that the project will last approximately 2 months, but this deadline can be influenced by many factors, such as the weather conditions. Currently, the Prospectiuni crew in Maramures is comprised of 150 persons. Depending on the project’s evolution, is possible to increase the number up to 200 persons.

We are unfolding a geophysical data acquisition project, as part of our client’s (Brent Oil) program of conventional hydrocarbon resources exploration. We are not performing exploration services in order to indentify shale gas in the Maramures County”, declared the representatives of Prospectiuni.

They claim that the exploration process involves several stages, out of which geophysical data acquisition is just the first step. “Our activity can be better explained as an “Echography of the Earth”, an image of the internal structure of the Earth. The data obtained from this „Echography” are afterwards delivered to the client, in order to continue the next stages of the exploration process. At the end of each project, our crews sign a project conclusion agreement with the targeted city halls/ police representative, gather all the equipment that they used and thank the locals for their support”, point out the representatives of Prospectiuni SA.

It is worth mentioning that Brent Oil CO obtained the concession agreement for oil exploitation in the Sacel perimeter, when Calin Popescu Tariceanu was prime minister, in 2008.

“From what I have discussed with them, supposedly there are oil deposits in our area, deep underground. They are not the ones who deliver the verdict; they only prospect the terrain for Lukoil or Brent Oil or some other companies. In our country these wells have closed three or four years ago. Rents have been paid to citizens for roads, money for the arrangement of wells; roads were made, a bridge over the water, an electrical network and many people have been employed to work at the oil wells.

The oil extraction in Sacel began in the late nineteenth Century, around the 1800, early twentieth century. I know that these wells have been tapped on two occasions; there was a Soviet-Romanian collaboration to continue exploiting at some point. We have oil and bradenhead gas here. Four years ago they came and tapped some gaseous hydrocarbons that had spontaneously ignited and said that about 50 localities could have gas for 60 years from these deposits”, declared for Adevarul newspaper Gavrila Dologa, the mayor of Sacel.

November 12, 2014

Prospectiuni experiment “Vibrator versus Egg” nominated at the Romanian PR Award

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The International Jury of Romanian PR Award announced the nominations for the XII edition of this competition, one of the most important events of the communication industry in our country. We are glad to announce the participation of the video produced by Prospectiuni at the “Video productions” category, entitled experiment, which proves the harmless action of the vibrator over fragile objects such as eggs.

The purpose of this novel experiment is to demonstrate the innocuity of the data acquisition process and the fact that the activity of state of the art equipments used is safe and controlled perfectly. You can watch the video at: www.youtube.com/Vibrator versus Egg .

The members of the jury believe that the projects that were nominated stand out through their strictness, creativity, innovation and impact. The XII edition of the competition enjoyed the support of a top international jury, gathering communication experts from USA, Great Britain, Switzerland, Italy, Belgium, Holland, France, Hungary and Romania.

The prize award ceremony "PR Award Gala Night" will take place on Thursday, November 27, at JW Marriott. You can find more details about the competition at www.praward.ro .

November 7, 2014

Looking for "black gold" in Maramures once again

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www.maramuresenii.ro, author Ionut Boroga

In the Maramures locality Sacel the restart of oil exploitation is being prepared. After the Petrom and S.N.G.N. ROMGAZ SA companies gave up, eventually, seven or eight years ago, extracting crude-oil and natural gas in Maramures, in the last few days another oil and gas company explores the terrain in Sacel in order to harness the oil deposits. It is called Brent Oil CO, a company having Romanian equity, and a mix management, Romanian and foreign. The area of interest is the crude oil exploration and exploitation perimeter P VIII –20 Sacel, which, from a geological point of view pertains to the Maramuresului Depression.

For the moment they are performing a prospecting activity

The ones that are currently performing studies, on the possible „black gold” deposits in Sacel, are those from Prospecțiuni SA. They are acting on the request of Brent Oil and they started their prospecting activity last month. They estimate staying in the field, for the purpose of these surveys, for approximately two months.

„Our crew started its activity in October, and as a first step they notified the authorities and contacted the landowners of the terrains included in the perimeter of this project. These works are unfolding in an area approved by the National Agency for Mineral Resources (NAMR). We estimate a project duration of approximately 2 months, but this deadline can be influenced by various factors, such as the weather conditions”, declare the representatives of Prospecțiuni SA.

More specifically, Prospecțiuni SA is unfolding a project of geophysical data acquisition, as a part of the Brent Oil program, of conventional hydrocarbon resources exploration. The representatives of Prospecțiuni SA demonstrated the fact that they are not performing exploitation services in order to indentify shale gas in the Maramures County.

Currently, in Sacel, 150 Prospectiuni employees are prospecting the terrain.

„Depending on the project evolution, it is possible to increase the number of employees up to 200 persons. Our activity can be better explained as an <>, an image of the soil’s underground structure. Prospecțiuni operates based on a ferm commitment to maintain the safety and health of its employees and of the community they work in. The project does not affect the environment (underground water, air etc.), the fertility of the soil, the roads and locals’ houses, and any damage to the crops will be temporary and will be compensated”, declare the Prospecțiuni SA. representatives.

Explosions and auger tractors

The people from Sacel may hear small explosions in the following days, because Prospecțiuni SA mentioned that they will use this type of instrument in order to discover oil deposits in the Maramures terrain. The Prospecţiuni SA representatives give the assurance that these interventions are not a threat for the human lives or the environment.

„Small agricultural tractors, equipped with augers, will perform temporary holes, with the approximate diameter of 5-6.5 cm and 3-15 meters depth, where a small quantity of explosive will be placed. No hole is performed closer than 100 meters from any type of building. If you are 100 meters away from this small subterranean explosions, you will have a similar sensation to someone slamming a door in the next room”, explain the officials of Prospecţiuni SA.

Besides the „small explosions”, the prospecting activity will also be performed with the help of vibroseis. These are larger vehicles, which use a plate that produces vibrations at the ground level. They can be sensed from an approximate distance of 100 meters and create a sensation similar to one produced by a heavy truck, on the sidewalk.

Who is Brent Oil CO?

We contacted the representatives of Brent Oil CO, so as to find out more details about the interests they have regarding the oil deposits exploitation in our county.

We found out that they are a company having Romanian equity, and a management with international implications. The headquarters of Brent Oil is are based Bucharest. As a general profile, this company is interested in exploiting conventional oil deposits. The oil company asked for the prospecting of the Sacel area, because Brent Oil is increasing the volume of crude oil storage, due to the fact that, based on the final information, after the acquisition, processing and interpretation of geophysical data, the oil production is expected to increase.

„In accordance with the concession agreement, Brent Oil has the obligation to perform geophysical data acquisition so as to maximize the exploitation in Sacel and for a better understanding of what is found in the underground”, says Marius Pădureţ, Brent Oil representative.

He also mentioned that at the moment they cannot estimate the value of a potential investment in oil extraction in Sacel.

„Currently we cannot estimate the investment for the Sacel deposit; it can be approximated only after completing the geophysical data acquisition, processing and interpretation. One cannot estimate exactly the operations’ date of completion, but after the final results of the interpretation, we can draft an action plan, and afterwards we can estimate an investment”, explains Marius Pădureț.

Questioned whether Brent Oil considers creating jobs for the people in Sacel or in the surrounding areas, the company’s official confessed that: „they will exist, only provided that the conventional deposit in Sacel, will give good results and could be exploited profitably”.

The concession agreement, signed since 2008

Brent Oil CO obtained the concession agreement for crude oil exploration and exploitation in the perimeter P VIII-20 Sacel, in 2008, when Calin Popescu Tariceanu was prime minister. At that time, following a public tender, The National Agency for Mineral Resources (NAMR) gave Brent Oil the right to conduct petroleum activities in the Sacel area.

In the substantiation report of this concession agreement it is mentioned that its conclusion is beneficial, because it will ensure the continuity of the Sacel commercial deposit exploitation, and by default it will increase the existing resources recovery factor, in order to maximize it and obtain additional income to the general consolidated budget by income tax, petroleum royalty, and the tax on internal production of crude oil and natural gas, that the holder of the concession agreement is expected to pay.

„Continuing the exploitation of this deposit, that S.C. PETROM S.A. abandoned for financial reasons, is possible through its takeover by a smaller company, with low overheads, but capable to invest in the process of exploitation rehabilitation”, is mentioned in the substantiation report.

1.268 thousand tons of crude oil and 94 million St.mc of associated natural gas

As of now we also find out that during the exploitation of this deposit by S.C. PETROM S.A. a cumulative production of over 100 thousand tons of crude oil and 37 million St.mc of associated natural gas has been registered, and the resource that is currently credited to this deposit is of 1.268 thousand tons crude oil and 94 million St.mc associated natural gas.

Also it is said that the Program that was agreed upon for the PVIII – 20 Sacel perimeters, is comprised of two stages.

In the substantiation report of the Government Resolution no. 1235/2008 are stated the following aspects: „The first stage, compulsory, for a period of three years, envisaged the collection and processing of existing data, performing geological studies, for the deposit and impact on the environment, surveying 12 Km² through 3D seismic, repair works for 8 drills and the delivery and treatment plant for crude oil and gas, drilling new wells and commissioning them. In the second stage, optional, for a period of two years envisages petroleum operations with works, to be performed, depending on the data obtained in stage 1, compulsory”.

Oil discovered in Maramures since the end of the IXth Century

The crude oil deposits in Sacel were discovered somewhere around 1890. The „black gold” was discovered by a local not a foreign contractor. The people from Maramures used it at that time as a lubricant for the wooden carriage axle. During 1875-1879 the Austro-Hungarian government issued the first approvals for petroleum exploration of certain foreign contractors. In 1899, following the explorations, the Viennese Dietner and Sorg Carol started the oil extraction.

The extraction activity has developed until the beginning of the First World War, than because of it the works are being suspended. And so they remain until the early 1950, when the activity is restarted by the oil company Sovrompetrol, controlled by the Soviet Union. In this period, the six wells in Sacel, managed to deliver daily from the soil entrails approximately 40 tons of oil. However, the petroleum activity in Maramures is once again stopped. The exploitation of this deposit is recommenced in the late 1970, when the oil company Baicoi –Ploiesti branch reopened five wells. But shortly after that, the activity is suspended again.

After 1989, there have been oil exploitation attempts in Sacel, but things came to a dead end once more in 2005 – 2006.

October 17, 2014

The Prospectiuni employees saved the life of a road accident victim

news

www.ziuadevest.ro

October 10th was an inauspicious day for the drivers of two cars that collided violently on the E85 road towards Bucharest. The driver of one of the vehicles was propelled through the windshield, landing on the driveway on his left side of the body, with serious head injuries.

According to the allegations of the policemen, the person was not wearing the seatbelt, which this time, proved to be fortunate because, following the collision, the vehicles’ twisted engine landed on the front seats. For several hours, the traffic was unfolding with difficulty , at low speed, an dozens of the parish’s locals quickly gathered on the side of the road, without anybody approaching the victim who was on the double continuous line. The only ones who offered to help the injured person were the employees of the research company Prospecțiuni, who, through techniques they were not aware they possessed, saved the victim’s life. You can discover their impressive story below, directly from the source:

”The accident took place at approximately 100 m from our vehicle. Therefore, when we reached the crash scene, we got out of the car and we went to the victim. He was lying in a pool of blood that was dribbling from his crashed skull. From his hand the blood was strongly spouting due to a cut. His legs weren’t moving at all... I immediately took my shirt off, folded it, and pressed it against his head injury. After a while, the compression was showing results and the bleeding almost stopped. The same happened to the hand, after I firmly pressed over the cut. I assessed the victim’s condition, but this was aggravated by the fact that he was agonizing because of the pain, his eyes were moving in all directions, he was rolling his eyes, etc. The breathing seemed normal. I pinched the face and skin of the victim, I shouted many times at him, and at one point he started to communicate with us. He did not understand what happened, what we were doing to him, why he was lying on the ground and there was blood everywhere...

My colleague Octavian Branescu was lying in front of the victim and spoke very calm in the next 10 minutes, finding out what was his name, where he was from, about his family, trying to motivate him to resist the pains he accused.

I was placed behind the victim, so was Ovidiu Sanda. After stopping the massive bleeding, I slightly touched the victim’s body, discovering that the left side of his ribs was in great pain, the side he landed on in the moment of the impact, as well as the lower back and basin. We were afraid to move him on his back, as the victim asked, although this could have helped relieve the pressure on the left side, where the victim accused pain in the ribs and heart…. We chose to maintain the victim in the same position.

Some time has passed until an ambulance arrived with a doctor and appropriate equipment. We gave them all the information we had, they mounted a neck collar, electrodes to monitor the vital signs, we placed the victim on a air-cushion gurney, provided with webbing, and we lifted it in the ambulance, continuously observing the doctor’s directions. Neither I, nor my two colleagues have participated in a first aid course.”

The company’s representatives declared that the three employees showed compassion and courage, aspects that Prospecțiuni tries to inspire to all the people who maintain a relationship with the locals in the areas where the company’s projects are unfolding.

”Is important for us that each employee understands, that first of all, we have to be good human beings and not remain indifferent to the problems of the locals who we meet during our activity. We applaud the exemplary behaviour that these employees showed and we pride ourselves that these kinds of people are a part of our team. We try to promote compassion, excellence and spirit of responsiveness in these type of cases, when each move has a direct impact on the final outcome.”, declared Marius Milea, Chief Operations Officer within Prospecțiuni. The victim is now out of danger.

October 13, 2014

Prospectiuni gets involved in promoting the EcoAtitudine campaign in Timis

news

www.ziarulactualitatea.ro

On its fourth edition, the EcoAtitudine campaign has as purpose changing certain mentalities which can determine attitudes in favor of ecology. This year, the fight for a healthy environment reaches the schools in the Timis County, where, starting with October 6th, the activities within the project are unfolded with the support of Prospecţiuni.

In addition to the vast expertise in providing geological and geophysical services, Prospecţiuni was greatly involved in the projects for the accountability and education of the local communities regarding the importance to protect the environment. „In the activity that we develop for 65 years, securing the environment is one of the main principles, together with the consolidation of friendship relations with the citizens of the localities we work in. We always make sure that each employee and participant to our prospecting works observes all the environmental standards, and the partnership with the initiators of the campaign came naturally, because Prospecţiuni understands the need for a healthy climate and the importance to form the communities, from a tender age, in the spirit of protection and preservation of the environment”, declared Marius Milea, Chief Operational Officer Prospecțiuni.

This is not the first time that Prospecţiuni gets involved in the important activities of the local communities, but developing a civic and responsible attitude towards the environment, among the youngsters is one of the most important challenges that the company has faced.

EcoAtitudine is the most ample program of ecologic education in Romania, addressed to 0 – VIII grade children. The campaign started in 2010 and will unfold until 2020, upon its completion being involved over 1.000.000 pupils, according to the objectives of the organizers. The main purpose of the project is the awareness of the importance of selective waste collection among students, an area where Romania still draws negative signals from the European communities.

Prospecţiuni will support this project in the Gorj, Dâmboviţa and Prahova counties.

October 8, 2014

Prospectiuni successfully completes the first project scheduled for this year in Timis County

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Bucharest, October 8th 2014, www.observatorulph.ro, author: Mihai Popescu

In 2014, Prospectiuni initiated a series of geophysical data acquisition projects in Timis County. The first was completed at the beginning of October for its client Amromco Energy, as part of its program for exploration of natural resources of oil. The works were conducted in the localities Gottlob and Lovrin, but also in their surroundings and the project surface was of approximately 15 km².

“Prospectiuni operates under a solid commitment of maintaining the safety and health of its employees and the community where it works. This time also we ensured that our project does not affect the environment, lands’ fertility, roads or locals’ houses. This aspect is a joy for us, especially because works presented a challenge in Gottlob commune. The locality covered almost 20% of the project’s surface and most of the houses were really old and have a certain historical value. Therefore, our crew used special equipment and took additional safety measures to eliminate any potential risk”, said Marius Milea, Chief Operations Officer Prospectiuni.

Throughout the works 117 agreements were concluded with locals and 1071 generating points for elastic waves were recorded. The project also included agricultural areas and Prospectiuni crew’s activities were unfold in parallel with the agrarian ones, specific to the time of the year, without affecting them.

“Regarding the geophysical data acquisition activities carried out in our commune, Gottlob City Hall wishes to thank Prospectiuni’s crew for conducting the project with professionalism and for supporting activities with positive impact for the community” added George Nastor, mayor of Gottlob.

The operational method used was Vibroseis, using two Sercel Nomad 65 vibrators on the lands outside the commune. For the generating points inside the commune there were used two Envirovib minivibrators, designed specially to work in localities. Even though these machines seem somewhat bigger, they are harmless and have an activity strictly monitored permanently: a plate from the base of the vibrator is lowered slowly on the ground, sending vibrations inside. If a person is about 10 meters nearby, will have the same sensation as when, standing on the sidewalk, a large truck passes on the road.

For more details regarding the functioning of these equipments, you can watch the following video: http://youtu.be/Qg95M9OGIf0.

About Prospectiuni

Prospectiuni is a Romanian company with tradition and an important international supplier of geological and geophysical services. Headquartered in Bucharest, it is strategically positioned to provide services to Central, Southern and Eastern Europe, as well as in the Middle East and North Africa. With over 60 years of experience in the Romanian oil and gas industry, Prospectiuni has a record of successful geophysical data acquisition projects countrywide, contributing to its economic and energetic evolution.

September 26, 2014

Prospectiuni helped the community in organizing the Day of the Lipanesti commune

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On Saturday, September 13th, the Prospectiuni crew from the Prahova County supported the Lipanesti community in celebrating the Day of the commune. Prospectiuni supports the communities where it unfolds its projects for over 60 years and gladly accepts each time it can get involved in organizing important events in the life of the local communities.

The Lipanesti commune has a rich history, which dates back from the 19th century, and the designation comes from the name of the Lipanescu family, a great landlord who possessed of the most part of the commune. Then, the village was formed from corvée labourers who, in the beginning, were located around the countryseat.

The party, which celebrated the rich and beautiful history of the Lipanesti commune, took place on the football stadium, where the locals partook of a lot of surprises. The music echoed far into the night and the atmosphere was feed by artists such as Cristian Pomohaci, Bianca Patrascioiu, Jean de la Craiova, Lidia Buble, Georgiana Lapadat, Constantin Bucur and many more.

Folk ensembles, which still fondly preserve the traditions in the area were also present at the event: the folk ensemble ”Voinicelul” from Boldesti-Scaieni, ”Strugurelul” from Urlati and ”Codruletul” from Comarnic. And, since any festivity must have a memorable ending, the show ended with outstanding fireworks.

September 24, 2014

Restart EcoAtitudine: 62.468, 111, 10!

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www.romaniapozitiva.ro, 22.09.2014, Author: Andra Calenic

Three numerical values that redefine the ecological and environmental education campaign „EcoAtitudine = Responsabilitate, Informatie, Actiune (Responsibility, Information, Action)”. The campaign carried out by the Press Group REPORTER and Iris Terra Green Asociation has as official media partner the Infomediu Europa magazine, the most important environmental magazine in Romania.

EcoAtitudine is the widest program of ecological education destined to students from 0 to VIIIth grade, which shall be carried out until 2020. The campaign targets the awareness of the importance of selective waste collection amongst students, an area where Romania still attracts negative signals from the European communities.

Our objective is to develop new civic attitudes until 2020, responsible towards the environment. The care towards the environment must become an inherent custom both for the over 1.000.000 students, and for the teachers who will be involved in the EcoAtitudine campaign.

10 counties in Romania are involved in the project: Ilfov, Vrancea, Buzau, Prahova, Arges, Dambovita, Gorj, Hunedoara, Timis and Bucharest Municipality;

111 schools included in the project;

62.468 students participating in the campaign;

The second stage of the Ecological and Environmental Education”EcoAtitudine = Responsabilitate, Informatie, Actiune” campaign takes place between September 18th – November 28th 2014 and shall be structured as follows:

- 4 prize competitions: ”Reciclarea EcoAtitudine” (Ecoatitudine recycling), „Agentul EcoAtitudine” (The Ecoatitudine Agent), ”Mugur De Verde” (Green bud), ”Ia Atitudine, fii Eco” (Take action, be Eco), that shall unfold until November 17th 2014 and during which 60 prizes can be won: laptops, cameras, printers + a box of A4 sheets, tablets, smartphones and backpacks with school supplies.

- „Ora de Ecologie” (The Ecology class), that shall be held in the 10 counties involved in the project and during which the Master of ceremonies, the long-expected Mister ECO shall draw the children’s attention through a real magic show, focused on the campaign’s objective: selective waste collection for recycling.

More information is available on the official site of the campaign www.ecoatitudine.eu or on the Facebook page: EcoAtitudine Oficial.

Partners: Stericycle Romania SRL, GreenWEEE International SA, Prospectiuni SA, Apa Nova Bucuresti SA, Compania de Apa Buzau SA, Hobas Pipe Systems SRL.

Media partners: Infomediu Europa, Observatorul Prahovean, Arges Media, BUZZ Camp, Sfatul Parintilor, CSR Evolution, OPINIA, Descopera.ro, Curierul National, 7 seri, Jurnalul de Ilfov, Urbankid.ro, Jurnalul de afaceri, Romania Pozitiva, Business Forum.

September 17, 2014

Prospectiuni supports the young hopeful of the Romanian theatre

news

Prospectiuni was the main sponsor of the IVth Edition of the International „Grigore Vasiliu Birlic” Youth Theatre Festival, that took place on September 1-7 2014 in Falticeni.

Acknowledged as one the most important theatre festivals for children and youth in Moldova, it gathered important personalities such as Draga Olteanu Matei, Vladimir Gaitan, Catrinel Dumitrescu, Medeea Marinescu, Beatrice Rancea, Tudorel Filimon, Radu Tudor, Anca Turcasiu, Ovidiu Cuncea, Andrei Duban, Gheorghe Balint or Teodor Ilincai.

The geophysical and geological prospecting company registered last year a number of 1063 new employees, ending 2013 with 2973 persons employed, unlike 2012 when the number was 1910.The „Grigore Vasiliu Birlic" festival brought together pupils and youngsters from various parts of the country, members of theatre companies, UNATC (the National University of Theatre and Film) students accompanied by their teachers, and also professional actor groups. Eight Romanian groups and one group from the Moldavian Republic entered the „Theatre companies” competition in order to gain the big trophy.

During the day, festival competitions and theatre workshops were held, where the youngsters along with the UNATC students, Professor Lorette Enache PhD from UNATC Bucharest and the director Radu Ghilas learnt the meaning of acting. There were theatre shows every night. At the same time, prestigious theatre companies, such as Ateneul de teatru Tatarasi from Iasi (Tatarasi Athenaeum), Teatrul Municipal “George Bacovia” from Bacau (George Bacovia Theater), Teatrul National Bucuresti (The National Theatre of Bucharest) or Teatrul Municipal “Traian Grozavescu”of Lugoj (the Municipal Theater of Lugoj), enacted shows appreciated by audiences across the country.

The Festival’s Trophy was awarded to the „Protha” group from Panciu, coordinated by Catalin Sfirloaga for the play „Mecanica inimii” (The Mechanics of the Heart).

Prospectiuni supports the local communities for over 60 years, getting constantly involved in projects that help the society’s development.

September 11, 2014

Discover Prospectiuni at the 2014 AAPG International Conference and Exhibition in Turkey

news

Will you be attending the AAPG ICE conference in Istanbul between September 14th and 17th? Please stop by Prospectiuni’s booth (no. 1221) to find out more about our full range of geological and geophysical services, our presence on the worldwide market and what we have in store for you. Our colleague Mihai Tanasa has prepared a speech about “Case Studies of Petroleum Systems”, scheduled for September 17th.

This is year’s theme is “The Spirit between Continents: Energy Geosciences in a Changing World”. AAPG brings together over 2,000 of the best professional geoscientists from around the world for the first time in Istanbul to share the latest regional and worldwide news in science, geological advances, technology and products and services in the oil and gas industry.

We look forward to seeing you there!

For more details, please visit http://ice.aapg.org/2014/.

August 27, 2014

The General Manager of Prospectiuni: Increasingly, we take our business across borders. Turkey is becoming a very interesting market due to the prices

news

Ziarul Financiar, 27.08.2014, Author: Roxana Petrescu

Gehrig Schultz, the General Manager of Prospectiuni Bucuresti „From a median age of 58 years of the specialized personnel (geologists, geophysicians etc.), we now reached a median age of 46 years. We hire people right off university and we offer them training programs. The children come with an excellent theoretical basis. They know their field, and after 4 months a person can have a trustworthy contribution in the geological field. “

The first half of this year was horrible, declares Gehrig Schultz, the General Manager of the geological prospecting company Prospectiuni Bucuresti (PRSN), controlled by the businessman Ovidiu Tender, and there are few chances that in the four months left, the company can achieve its business targets established for 2014.

Given the circumstances in which the local market is delayed because of various protests against shale gases, but also due to an ambiguous legislation, Prospectiuni began to sign contracts in Georgia, Algeria, is negotiating in Turkey, but has also its eyes on Greece and Italy.

In the first semester of this year, Tender’s company reported a net loss of 37.8 million RON (8.6 million Euro), three times higher than the loss recorded in the same period last year. Concurrently, the company’s turnover downsized by 10% in the first semester, up to 120.2 mil. RON (27.32 mil. Euros).

The results come in a context in which Prospectiuni’s budget for this year foresaw an 8% business growth, up to 435 million RON (98 million Euros). Roughly, Prospectiuni accomplishes for the companies he has contracts with some kind of subterranean radiograms, based on which the decision to drill bores is taken in order to exploit a hydrocarbon reservoir.

„It was a horrible first half of year. There were really tough months for us“, Gehrig Schultz affirms, the man brought by Tender in 2008 to run his most important company. „We lost three months of activity. Redeeming the gap shall be difficult.”

What has happened?

Schultz gives more reasons that affected Prospectiuni in this period. The warm winter and the spring that was full of rainfalls made the access impossible for the company’s heavy duty machining. The violent protests against shale gas exploration, especially those in the Moldova area, where Prospectiuni had a contract with the Americans from Chevron, the problems related to the property right or the building licensing process had their say in this matter.

„The strong opposition, especially regarding the shale gases gradually transformed into a generalised anti-hydrocarbons attitude.

“These delays come in a context in which Schultz says that Prospectiuni does not lack contracts.

„We have 30 million Euro contracts in progress and other 41 million Euro contracts already signed based on which we should start working. We have a great position, but unfortunately the deadlines have extended. We are negotiating other 24 million Euro contracts. Considering that prior to this period, we could have started the works in six weeks upon receiving the order, now the period of time reached 120-160 days. In 2013 for example we lost money because we did not have contracts. This year we have contracts, but we are losing money because of the delays.”

Increasingly across the border

In this context is the direction indicated by Schultz right after his arrival to the management of Prospectiuni that of transforming the company in an international one falls into place. „Increasingly, we take our business across borders. In 2014 we signed contracts in Georgia and Albania, and now we are making final negotiations for a project in Turkey, which is becoming a very interesting market due to the prices for hydrocarbons. Given the fact that the explorations in areas such as Libya or Kurdistan are practically impossible due to the local conditions, Turkey is becoming very interesting.

“Moreover, Prospectiuni is present in certain African states, already being involved in bids in Egypt.

„He have hired people in Croatia, we are focusing on Greece. We want to expand to Italy because we have reasons to believe that ENI (oil company where the most important holding is controlled by the Italian state –edit. n.) will focus on the local market. Italy faces a major gas shortage.”

Currently, approximately 15% of the contracts signed by Prospectiuni are across borders, but as revenues their balance is increasing to 30% because of the delays on the local market.

The Prospectiuni people

Whereas for the operations in Romania Prospectiuni laid off people, the company started to hire externally. „We have 2.800 employees now, since the beginning of the year we laid off 500 people due to the delays. In Albania we have 250 people and in Georgia we have other 150 people.

“Schultz is still optimist with regards to the local market and says that based on the ongoing contracts the company has, these people shall come back.

„In Romania are made very few drills at over 5.000 meters. If you covered the entire country with 3D seismic, it does not mean that you have finished, you only found new places where you can work.

“Schultz says that Petrom and Romgaz, the largest hydrocarbon local producers, have approximately 50%, respectively 60-70% of the perimeters covered with 3D seismic, percentage that shall expand in 2015-2016.

August 4, 2014

Prospectiuni completed two projects in three counties

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www.manager.ro, 04.08.2014, Author Dinu Boboc

At the end of July, Prospectiuni has completed two 3D geophysical data acquisition projects for its client, Amromco Energy. These projects have been unfolding within the jurisdiction of the Gorj, Buzau and Braila counties.

The 3D Rosioru project covered the localities Cochirleanca in the Buzau County and Galbenu in the Braila County, where approximately 160 agreements were concluded with the private land owners for temporary access on their fields.

The data acquisitions surface was of 15 square kilometers, and the works have been unfolding for 16 days. The 3D Bibesti project unfolded in the localities Aninoasa, Saulesti, Turburea and Vladimir from the Gorj county, where approximately 465 agreements have been concluded with the private land owners for temporary access on their fields.

The data acquisition surface measured 16 square kilometers, and the project lasted a month.

“We are delighted to announce the successful completion of these two geophysical data acquisition projects. They shall be delivered to our client in order to continue with the next stage, and the Prospectiuni crews thank the locals for the excellent collaboration displayed throughout the works. The projects that we have, bring us constantly to the same places, therefore is important for us that the locals properly understand what is the purpose of our activity. We hope that the future projects of our clients bring us back in these beautiful parts of the country”, declared Gehrig Schultz, Prospectiuni CEO..

As any other field of activity, an exploration recommences at certain periods of time, depending on the new technology that emerges in the field, in order to obtain a better resolution of the underground image.

Also, an exploration can be continued depending on the state’s strategy with regards to the specific field, in this case we are talking about mineral resources.

July 31, 2014

The top companies that hired the most people in 2013

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Prospectiuni ranked in the top 10 companies that employed most people in 2013. According to the data centralized by economica.net the first 10 employers from Romania hired more than 18,000 people in 2013.

Prospectiuni was ranked 8 in this classification, which also included other companies from industries like: energy, automotive, food retail and other two betting and gaming companies.

The geophysical and geological prospecting company registered last year a number of 1063 new employees, ending 2013 with 2973 persons employed, unlike 2012 when the number was 1910.

The ranking centralized by economica.net is based on the information obtained from the companies and the National Trade Register Office.

July 17, 2014

Prospectiuni saves lives

news

Observatorulph.ro

A few days ago, a 40 year old local got lost in the woods, in the Plopeni area, after he went picking mushrooms with a friend a night before. The villagers’ absence called into operation the police forces, who organized special search crews including overnight, unsuccessfully. A crew from the company Prospecțiuni S.A., who was at a project site near Plopeni, intervened to help the enforcement officer. The crew was working in the area on a data acquisition project, unfolding the daily employee safety and health training.

Endowed with walkie talkies, maps of the area and using the specific rescue procedures, learned within the company, the Prospecțiuni employees rapidly formed teams of two persons and managed to find the man. This is not the first time that the Prospecţiuni employees get involved in helping the local communities. At the beginning of the year, in the Buzau County, the crew members who were unfolding works in the area came to the locals rescue with the facilities provided by the company for snow removal and snow-bound homes.

The man had fallen into a dean

The villager from Plopeni was found wounded, in hypothermic shock, after more than 24 hours spent in the woods and being incapable to move, his life was in danger. „I covered the victim with my clothes and I attended him until the Rescue team came, that was located at the edge of the forest. The victim was transported to the Ploiesti Emergency County Hospital for medical investigations”, declared the engineer Dan Aurelian, the person who found the man. The Prospecțiuni employee was congratulated by the entire community, and the man who was found in the woods is now out of harm's way.

Special trainings within Prospecţiuni S.A.

Ten Prospecțiuni employees participated in this rescue operation. The success was due to the use of the intervention and rescue procedure, called “Lost person”, which the Prospecţiuni employees learned within the trainings organized upon their employment in the Romanian company. According to the representatives of Prospecţiuni S.A., the company organizes seasonal training sessions at the highest standards.

Prospecţiuni S.A. is a Romanian company, having a history of over 60 years in geophysical data acquisition.

June 16, 2014

Discover Prospectiuni at the 76th edition of EAGE Conference & Exhibition

news

If you come to Amsterdam this week, you may visit the 76th EAGE Conference & Exhibition. Between June 16th-19th, you can stop by Prospectiuni stand, booth 2320, where you will find out more about our activity and interesting facts about the industry.

We have also prepared a lot of surprises for our visitors, among which the unique experience of having a caricature made by Stefan Popa-Popas, the famous Romanian artist who was named the fastest cartoonist in the world.

EAGE Conference & Exhibition is the largest and most comprehensive multi-disciplinary geosciences event in the world. The event includes a large conference (over 1,000 papers presented) and a technical exhibition presenting the latest developments in geophysics, geology and reservoir/petroleum engineering.

In 2013 nearly 7,000 visitors from almost 100 different countries attended the event.

The theme of this edition is ‘Experience the Energy’, debating on how the multi-disciplinary approach to oil and gas exploration and production fostered by EAGE can contribute to meeting the energy demands of the future.

For more details, please visit www.eage.org.

May 19, 2014

Prospectiuni: "Protests against shale gas affect all companies in the oil & gas industry"

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Bursa, 19.05.2014, Author: Ioana Popa

Shareholders recently agreed on opening subsidiaries in Kazahstan, Angola, Egipt, Namibia, Kenia.

Prospectiuni, the geophysical and geological services provider, registered in the first trimester of this year a turnover of 78,73 mil. lei, on the increase with 13,6 mil. lei, compared to the first trimester of last year (65,1 mil. lei), and the exploitation revenues increased with 13 mil. lei, compared to the first trimester of last year, reaching 81,3 mil. lei, from 68,3 mil. lei.

Prospectiuni Bucuresti provided, in the first trimester of this year, 2D and 3D geophysical data acquisition services, with five teams, and also services of geophysical data processing, based on contracts with OMV Petrom, Romgaz and Chevron.

In a press release, Prospectiuni officials state that: “Although the demand for 2D and 3D geophysical data acquisition works is higher than 2013, unfortunately, it wasn’t covered in the first part of 2014 because of: delays on ratificating the rest of the Concession Agreements between ANRM and the winning companies of the 10th Round, as a consequence of protests against shale gas in various areas of the country; problems caused by crews’ access on the field, as well as bad weather conditions. In what protests are concerned, it is worth mentioning that these affect all oil & gas companies, even though only one of them explores shale gas”.

This year, Prospectiuni faced serious problems in obtaining work permits from the authorities, city halls, Romsilva, Romanian Waters and the agreements of the land owners and tenants, for the geophysical data acquisition works. These issues are caused, also, by the increasing number of anti shale gas and oil & gas industry protests, on a national level.

Prospectiuni’s activity in winter months implied increased exploitation costs (85,2 mil. lei, compared to 69,7 mil. lei in 2013), mainly caused by the low degree of land accessibility in this period.

Consequently, at the end of the first trimester, Prospectiuni registered a rough loss of 5,05 mil. lei, increasing from 3,3 mil. lei at the similar period of the previous exercise, when the registered loss was of 1,8 mil. lei. The index of the current liquidity decreased in the first trimester up against the similar period of the previous exercise, based on the acquisition of equipment (credits - supplier) needed in the exploration activity.

The debt rate decreased from 3,1% to 2,22%, due to the reimbursement of a share from the credits contracted in order to invest in equipments, to increase work capacity of the company.

Prospectiuni shareholders decided at the end of April that the distribution of the net profit in 2013, consisting in 18,64 mil. lei, will be made as follows: 1,22 mil. lei legal reserve, 17,42 mil. lei financing source for the investment program in 2014.

Also, AGE approved the opening of subsidiaries in Kazahstan, Angola, Egipt, Namibia, Kenia. Prospectiuni is a geophysical and geological services provider and has operations in Europe and North & West Africa.

At the beginning of this year, the investment fund called Romanian Opportunities Fund, administered by Unicredit Tiriac Bank, managed, after a series of stock acquisitions, to own 35 mil. shares, meaning 5,1556% of Prospectiuni.

May 16, 2014

Prospectiuni is shortlisted for the Education/Industry Partnership Award at the Getenergy 10th gala. You may submit your votes by June 2nd

Premiile Getenergy

The Getenergy awards ceremony celebrates excellence in education and training for the oil and gas industry across several categories. It is one of the biggest events in the industry, as it offers a high profile platform for the success stories, whilst also providing a framework to measure, record and recognise achievement in areas of critical importance to the global oil and gas business. The Getenergy 2014 Awards will take place in London, between 3rd-4th of June, alongside Getenergy's 10th annual Global Education and Training Event. Prospectiuni will also be present, at booth no. B19.

To recognise a partnership between an oil & gas company and a university or college which shows significant promise, the organizers created the “Education/Industry Partnership” category, where Prospectiuni is proud to be shortlisted for its collaboration with The Faculty of Geology and Geophysics of the University of Bucharest. Prospectiuni strongly believes that present and future generations should benefit from the earth’s energy and mineral resources. This is a vision that is at the core of this 60 yearlong collaboration, unanimously accepted across Eastern Europe as a prime example of how universities and organisations can collaborate to create a stronger industry for everyone.

A cornerstone of this six decade relationship has been curriculum-based field work and training for university students. As a testament to the quality of students that emerge from this course, 90% of current geophysicists at Prospectiuni have attended these programmes. This continues to be the first contact for many of these students with not just the organisation, but practical applied geosciences. This hands-on training through field visits gives a foundation of the geophysical methods of prospecting taught at the faculty (seismic and potential fields), consolidates theoretical knowledge acquired in school, and provides valuable practical knowledge at the same time.

It is a great honor for Prospectiuni to be nominated for such a prestigious award, along with powerful names in the industry, like Schlumberger, Eni, MOL, Tullow Oil or Petrofac and universities such as London Business School. You can find out more about the projects Prospectiuni and The Faculty of Geology and Geophysics developed and vote for us at the following link, by June 2nd: http://www.getenergyawards.com/getenergy2014awards/voting

May 09, 2014

Prospectiuni was elected by Capital magazine "The best company in energy" for 2013

Gala premiilor Capital

Prospectiuni received on Wednesday night the Capital Award for the “Best company in energy”, thanks to a turnover increase of almost 30% in 2013 and to the creation of over 1,400 jobs, making the company one of the largest employers in its field of work. Other nominees in the same category were OMV Petrom, Rompetrol Rafinare, Romgaz, GSP, GdF Suez Energy, Enel, SOCAR Petroleum, Adrem Invest and Electromagnetica.

After an analysis of several months, Capital magazine selected the companies and business people who registered the best results in 2013. Business people who had results or remarcable initiatives and companies which proved that success is possible even in difficult times, were awarded at the event. The winners managed to face extraordinary challenges, consisting in sudden legislation changes, difficulties in financing, contracting demands or increasing fiscal burden.

The award was accepted by Mr. Gehrig Schultz, CEO Prospectiuni, who said the following: “I am very happy to receive this award, especially considering that the entire industry was confronting a difficult context last year. This award is owed to all Prospectiuni employees, whom I would like to thank for their proven dedication, tenacity, optimism and trust”.

The Capital Magazine Awards have a history of almost 20 years, with the first edition held in 1995. The winners are chosen each year according to strict criteria, that reflect the financial position and the evolution of the company. The magazine’s journalists analyze the financial results of entrants and other information relevant to their performance, as well as the strategic vision of their managers and owners their development plan.

May 05, 2014

Tender's company, Prospectiuni, estimates 8.6% higher business, but the beginning of the year was below expectations

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Ziarul Financiar, 05.05.2014, Author: Adrian Cojocar

Geological prospecting company Prospectiuni Bucharest (RASDAQ: PRSN), owned by businessman Ovidiu Tender, plans for this year to increase its turnover by 8.6%, to RON 435mln (EUR 98mln), amid higher orders received from Petrom and Romgaz, but the company management says the activity in the first four months of the year did not live up to expectations, due to protests against shale gas.

"Although the demand for 2D and 3D seismic data acquisition works increased from 2013, unfortunately in the first part of 2014 (in the first four months) this increase in the demand for services was not in line with the expectations, due to: delays in ratifying the remaining concession agreements between NAMR and the winning companies of the 10th Licensing Round, as a result of protests against shale gas in various regions of the country, problems caused by access of the teams to the lands, as well as unfavorable weather conditions", Prospectiuni representatives say.

They also say that the company has faced "big problems" in getting the work permits from the authorities (city halls, Romsilva, Romanian Waters) and the approvals from landowners and lessees, in order to prospect the oil and gas fields, because they are increasingly reluctant after the conflicts generated by protesters against shale gas.

"For 2014, the company has contracts signed for works in Romania of EUR 48mln (OMV - Petrom, Romgaz, ADX, Chevron, Panfora), which cover over 50% of the capacity. In the second half of 2014, Prospectiuni will increase its capacity by approximately 16%, to cope with the demand for geological data acquisition in Romania, using 6-7 3D geographical teams", Prospectiuni representatives said.

The company plans to increase its gross profit this year by 20%, to RON 28.5mln.

Last year, the company invested RON 84mln (about EUR 18mln), especially for the acquisition of 8,000 sensors with which the company takes /images of the earth's crust, and for this year it has a budget of RON 19mln for the acquisition of 40 terrain vehicles and mini-vibrators from the U.S.

The company uses dynamite or cars that send vibrations into the ground. They come back as an echo when they hit the ground layers and then are captured on the surface of sensors, which the prospecting teams spread over a large area of land. Information captured by the sensors is then used to perform an underground X-ray.

The geological prospecting company relies this year on work for clients in Romania, especially Petrom and Romgaz, totaling RON 369.9mln, the figure increasing by 3.3% from the previous year.

At the same time, Prospectiuni management plans to achieve in 2014 works abroad worth RON 45mln, by 11% more than last year, and get incomes from other activities of RON 20.3mln. The company also carries out activities in the segment of environmental protection by taking samples, which it analyzes in the laboratory.

The article was also published in the printed edition of Ziarul Financiar, on 06.05.2014.

April 10, 2014

The CEO of Prospectiuni: We had to fire a couple dozens of people because of the shale gas protests

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The geological and geophysical services company Prospectiuni Bucharest (PRSN), controlled by businessman Ovidiu Tender, had to lay off " a couple of dozens " of people from the 2,600 employees due to work delays caused by protests on shale gas exploration.

"If we could work, we would need 4,400 employees. Now we have 2,600 employees. ( ... ) We have had delays due to agitators and protesters and had to lay off a couple of dozens of employees, mostly unskilled workers in Vaslui area. Our operations advance slowly. We cannot afford to keep people who have no work. Protests affect the poor", Prospectiuni CEO, Gehrig Schultz told Mediafax Agency.

Schultz claims that some protesters are from abroad, and because of "agitators and propagandists ", Romania becomes less attractive to investors and loses credibility.

"I doubt that in France, the Netherlands or Germany 6-7 protesters are allowed to jeopardize a national policy," added Schultz.

According to Prospectiuni CEO and Chairman of the Board, seven of the nine contracts the company signed are overdue, and if the situation continues, the company will have a financially “difficult” year.

Prospectiuni reported revenues of 415.4 million lei (94.2 million euro) last year, up 20.5%, and recorded a gross profit of 35.2 million lei, up 56 4%.

"Obviously, a solution has to be found in two to three months. The Government and the oil and gas companies must come with solutions too and the people should start to realize what is happening," said Schultz.

He added that due to shale gas protests, the time span allocated to Prospectiuni permitting for carrying out its geophysical data acquisition operations has increased.

According to Schultz, although in Romania there are specific rock shale gas reservoirs "everywhere", only in Dobrogea and the Vaslui area do the respective rocks meet all of the right characteristics in order to contain shale gas.

Officials of the U.S. company Chevron said on Tuesday that effective exploration of shale gas in Pungesti village in Vaslui county will start in two to three weeks, followed by drilling operations to extract soil samples to assess the deposit, estimated to start in 90 days. Chevron is the only company in Romania to announce that it looks for shale gas.

Prospectiuni is a geophysical and geological services provider and has operations in Europe and North and West Africa.

Ovidiu Tender holds 55.7 % stake in Prospectiuni, through Tender SA Timisoara company while SIF Muntenia (SIF4 ) has a package of 11.82 %. Other shareholders cumulate the remaining stake of 32.4 % in the company.

April 02, 2014

5 brand-new UNIVIB vibroseis trucks in Prospectiuni fleet

Crew 12, Arges County, March 2014

The Vibroseis generation is an alternative to the elastic wave generation using small quantities of explosives, for areas in which the use of explosive materials is either forbidden by the law or implies higher costs.

For many of the geophysical data acquisition projects, our clients have requested larger Vibroseis trucks, because these assure a higher level of energy inducted in the ground, in order to have the best „response” in recording the elastic waves „returning” to surface from underground. Given their big size (10 m long, 3 m wide, weight 28 t), these Vibroseis trucks are ideal for working in wide, flat areas (in the desert, for example), but the access becomes difficult or even impossible in rough areas, on narrow roads, in places with weight restriction, or in areas protected by the law. During the last year, both clients and Vibroseis manufacturers have directed their attention towards manufacturing and use of vehicles with lower power, which will diminish the restrictions mentioned before.

Two years ago, the company managament has decided to purchase a set of three mini-Vibroseis trucks EnviroVibe (environmentally friendly) produced by the Canadian manufacturer IVI. Given the fact that even more of our clients have expressed the desire that our crews should have this kind of equipment, a month ago our company purchased a group of 5 mini-Vibroseis trucks: UNIVIB units of 26,000 pounds-force each, manufactured by INOVA (USA), which have already been working in the field starting March 2014.

The purchase of the five UNIVIB units brings along many advantages to the company, both operational, and due to the technical perfomance.

From a technical point of view, an important advantage is the vibrating power (the level of induced energy in the ground), almost two times larger than that of the IVI units. The UNIVIB units offer a widder wave band of the elastic waves that can be generated in the ground; if the IVI equipment has a wave band between 10 Hz and 300 Hz, the INOVA manufacturer states that the UNIVIB equipment induces waves with frequencies between 1 Hz (7 Hz at full vibration power) and 475 Hz.

The UNIVIB equipment has more reduced size, closer to that of the EnviroVibe mini-Vibroseis trucks (6.32 m long, 2.13 m wide and the weight of 11,8 tones); the vibe generation equipment is mounted on an articulated tractor, so it has higher mobility. So, the UNIVIB’s access in „difficult” areas will be much easier than larger Vibroseis trucks:
- inside towns and cities
- on narrow roads (forest and land roads)
- areas with restrictioned access due to the environment legislation.

Another advantage of the UNIVIB is that they can operate on wet terrain in safer conditions, unlike the big vibrators which can leave deep tracks in the field or on dirt roads. Using a smaller and lighter UNIVIB vehicle considerably reduces risks and diminishes the operation costs.

March 05, 2014

6 Days Left: Prospectiuni is exhibiting at APPEX Global in London next week. Come by BOOTH 74

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APPEX Prospect and Property Expo, one of the major conferences and exhibitions in the industry, organized annually by AAPG (American Association of Petroleum Geologists) will be held at the Business Design Center in London, between the 11th and 13th of March.

„Over two-and-a-half days, 700+ attendees will explore current and future trends in international business, new oil and gas hot-spots, and discover and debate dozens of upcoming prospects from around the globe. All this takes place in a relaxed, friendly environment that has been carefully designed for maximum networking, allowing attendees to buy, sell and trade prospects and properties, find new strategic partners and clients, and stay one step ahead of the competition” (www.appexlondon.com).

If you want to find out how you can reduce risk and find customised solutions to your E&P issues, if you want to catch a glimpse of the latest technology used by a renowed G&G service provider with proven track-record and wide-scope expertise, then stop by Prospectiuni booth: Booth 74.

We look forward to meeting you in London next week!

Prospectiuni Team

March 03, 2014

Tender made a 56% higher profit at Prospectiuni

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Ziarul Financiar, Autor: Adrian Cojocar

Romanian oil and gas geophysical surveyor, Prospectiuni (PRSN), owned by businessman Ovidiu Tender, posted last year a gross profit of RON 35,2 million (EUR 8 million), with 56% higher than 2012, which amounted RON 22,5 million (EUR 5,1million).

Company incomes from the core activity also climbed last year by 17.2%, reaching RON 383 million (EUR 86 million).

The number of Prospectiuni employees increased last year with 645, reaching approximately 2,400 employees, as a result of a higher activity volume of the company. In 2013, Prospectiuni received large work orders from traditional clients, Petrom and Romgaz, to which it supplies /images of the subsoil, with which the two resource exploitation companies position the oil and gas extraction wells.

Tender's surveying company won, in early March, last year, three auctions organized by Romgaz, worth a total of RON 181,3 million (EUR 41,6 million), for 3D seismic acquisition and processing services. Prospectiuni also concluded a framework agreement with Petrom in December 2012, for 2D and 3D data acquisition works, amounting to EUR 79,8 million.

Ovidiu Tender owns 55.7% in Prospectiuni shares, through Tender SA Timisoara. Prospectiuni titles are traded on RASDAQ market and the latest transaction with PRSN titles was made at a price of RON 0.142/unit, price at which the company's market capitalization is RON 102 million (EUR 22,6 million).

The article was also published in the printed edition of Ziarul Financiar on 03.03.2014

February 06, 2014

Prospectiuni completes for Romgaz the 3D Transylvania South project

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Curierul National, 04.02.2014

Prospectiuni completed the 3D seismic data aquisition activities for SNGN Romgaz SA, in Transylvania, as part of an eight month project. The company worked in 60 towns in Sibiu county, the prospected area covering approximately 900 km2, is stated in a company’s press release.

Prospectiuni used standard seismic data acqusition methods during the survey. These mainly consisted in generating and recording elastic waves, by using geophones and telemetric stations, thus creating an „earth echography”. Absolutly no building, house or any type of real estate were affected, states the company.

In order to finalize their works, the company signed project agreements with all City Halls, without affecting the local crops. At the same time, Prospectiuni registered approximatelly 1.800 agreements with private land owners, regarding the temporary access on their lands.

„It is a project which gives us hope that things will come to their normal course and which brings us one step closer to the energy independence of Romania. Prospectiuni is a traditional Romanian company, which has developed most of its activity in the country, meaning that it has a good knowledge of the lands and of the local culture where it operates”, said Gehrig Schultz, CEO Prospectiuni.

February 06, 2014

Romgaz and Prospectiuni start a project in Neamt county

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Ceahlaul, 05.02.2014

SNGN Romgaz SA contracted Prospectiuni for a geophysical data acquisition project in Neamt county, as part of the oil and gas exploring program started in 1997. The purpose of the project is to have better knowledge of the productive area leased by Romgaz. During this project, there will not take place any type of works related to shale gas. After processing all the geophysical data from the field, /images of the subsoil are obtained, which will contribute to a thorough knowledge of the geological structure of the area. The process can be compared with the medical use of the echography, which helps seeing the internal organs. In geophysics, we similarly obtain the “Earth’s echography”.

It is estimated that the project will take place between January – March 2014, in the perimeter of RG 5 Moldova South Block, an area approved by NARM. The Prospectiuni team will soon contact the land owners and the leaseholders of the areas where the equipment will be installed.

We mention that the local authorities have been informed and all the necessary approvals have been obtained. The project will not affect the environment (underground water, air etc.), the land productivity or the locals’ properties.

About Prospectiuni

Prospectiuni SA is a Romanian company with tradition and an important international supplier of geological and geophysical services. Headquartered in Bucharest, it is strategically positioned to provide services to Central, Southern and Eastern Europe, as well as in the Middle East and North Africa. With over 64 years of experience in the Romanian oil and gas industry, Prospectiuni SA has a record of successful geophysical data acquisition projects countrywide, contributing to its economic and energetic evolution.

February 04, 2014

Prospectiuni Crew 18 - successful completion of 2D project for Norio Operating Company Ltd. in Georgia

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Prospectiuni has successfully completed another challenging international project in Georgia’s Caucasus Mountains. Our company achieved some of the best results in the exploration work carried out in Georgia. We performed the work across all the 2D lines and completed the program on time.

Crew 18, operating in Georgia, acquired the 2D project for Norio Operating Company Ltd. The crew operated near Georgia’s capital, Tbilisi, from October to December 2013.

The real challenge of this project was the difficult terrain. The crew had to carry out operations in mountainous terrain with steep slopes. To overcome this issue, it was necessary to hire 2 mountaineers from Iran, who worked in the more challenging terrain.

The 2D exploration project was divided into two blocks: Block XIa – 130 km and Block XIm – 77 km, both of them carried out in mountainous terrain. The source types for these operations were the small quantities of explosive (3,513 SPs).

Prospectiuni fielded an international crew of senior staff including Romanians, Moldavians, Croats and Iranians. They all worked with approximately 100 Georgian personnel to achieve excellent results.

Prospectiuni and Norio Operating Company Ltd. worked closely during the entire period of the project, to achieve the required goals both in terms of productivity and data quality. The client provided surveying and loading services, as well as a complete workforce, vehicles and logistics, supervised by Prospectiuni’s management team. Prospectiuni supplied the recording equipment and key staff for the technical supervision and management of the whole project. We also cooperated with the client in personnel training at all levels.

The company’s objectives were to efficiently obtain good quality data and to perform operations accordingly to international HSE standards. Prospectiuni achieved these results by providing extensive training before commencement of the work, as well as by monitoring performance during operations. No LTI’s were recorded and the HSE performance was excellent – the project was carried out almost without incidents.

We wish to thank the Chairman and the staff of Norio Operating Company for their invaluable contribution and cooperation to the successful completion of this project.

Dario Basic – Country Manager for Prospectiuni in Georgia

January 29, 2014

Prospectiuni team from Buzau helped the snowed in locals

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At the beginning of this week, our team from Buzau (no.15) had to work in difficult weather conditions. Besides the heavy snow, blizzard and snow-drifts, the visibility was also reduced, almost to zero. Although the most part of the country was affected by the late arrival of the winter, Buzau County was one of the few areas which received a red code for snow and blizzard.

It is for the first time in Romania when a red code warning is emitted for such weather conditions. Moreover, the director of the National Weather Administration stated that not even in 2012, when a stronger blizzard and similar conditions were registered, not all the required conditions were gathered in order to release such a warning. Unfortunately, at the end on January, the bad weather conditions lead to this unfortunate premiere in the country’s history.

During these difficult days, the members of team 15 devoted their time not only to ensure safe working conditions for themselves, but also to help the local community being in distress. They proactively talked with Buzau City Hall representatives, offering their help in order to dispose of the snow blocking the streets and covering the houses.

So, in the first day, Prospectiuni team joined forces with the City Hall in order to help the snowed in locals. The aid consisted in supplementing the crew appointed by the local authorities with more people and equipments.

Of course, the authorities and the locals were grateful for the aid, the areas being cleared quicker than usual due to the help Prospectiuni team provided. Their effort was very important, taking into consideration the difficult conditions our colleagues faced, but the gratitude of the locals compensated.

Also, the next day, members of crew 15 offered again their help, but the authorities’ recommendation was to wait until the weather conditions improved and start the activity shortly.

Until we have more news from the field, we congratulate our colleagues for their initiative and we wish them good luck further on!

January 29, 2014

MOL sealed a deal with Prospectiuni in order to start looking for oil and gas in Curtici

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Ziarul Financiar, Author: Roxana Petrescu

Panfora Oil&Gas, a company controlled by the Hungarian oil group MOL, especially created for the exploration and production projects in Romania, signed a contract with Prospectiuni, the company owned by businessman Ovidiu Tender, to start surface measurement operations in an area from Curtici, Arad. The value of the contract has not been made public.

“The surface measurement operations will last 6-7 months for the total 561 sq km area, which translates to a few days for each land-owner subject to the size of their lands. These activities will include placing sensors (geophones) and cables on the ground, and using vibrating equipment, similar to agricultural tractors. There will be no use of explosives, nor any drilling”, say the Panfora representatives, who mentioned that the operations do not aim at identifying potential shale gas deposits. According to them, the collected data will be sent to NARM.

In April 2011, MOL signed concession agreements with NARM for three exploring areas won through an auction in 2010. The three areas are set in Voivozi (Bihor), Adea (Arad) and Curtici (Arad), close to the border with Hungary, where Mol already obtained good results in hydrocarbons exploration. The three areas have a total surface of 3.434 square km. Curtici is the only confirmed area, so Mol can only start working here. The rest are still waiting for approvals from the Romanian Government.

The article was also published in the printed edition of Ziarul Financiar on 28.01.2014

January 27, 2014

Timisoara magnate Ovidiu Tender looks for students in Senegal and Morocco. He trains them to get their specialization in geosciences in Romania

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Prospectiuni company has been recruiting the best students from the Faculty of Geology of Senegal, Morocco and India to specialize them in Bucharest and then to hire them in the company. Prospectiuni company owned by businessman Ovidiu Tender will continue to recruit students from countries such as Senegal, Morocco, India and Serbia for specialized training at its headquarters in Romania, the company's CEO Gehrig Schultz has announced. The best of them will be hired, just as the 15 Romanian students who enrolled for the first Prospectiuni specialization course.

"We started this educational project with CODECS and at the end of 2012 we had the first 15 graduates, who have already been integrated into our company. We are interested not only in integrating the next generation of professionals, but also in ensuring that Prospectiuni gets the best graduates", Schultz pointed out.

Prospectiuni has about 3,200 employees in 33 countries and has had operations on four continents over the past four years. At present, Prospectiuni has 520 specialists in geology, geophysics, chemistry, oil engineering and other related fields.

"We are a multinational company from the point of view of the human resources that we have available and the scope of our activities, but we want to become more than that. Our goal is to double the size of the company in the next three years, and for that we need highly trained people”, the CEO of Prospectiuni added.

Prospectiuni company is the leader of the local market of geological, geochemical, hydrogeological and geotechnical exploration services, with an experience of over 55 years. Prospectiuni provides services to major companies in Romania such as Petrom, Romgaz and Rompetrol. Prospectiuni had a turnover of about 315 million lei in 2011, 93 % higher than the previous year. The gross profit was approximately 41.43 million lei, more than 23 times higher than in 2010.

January 07, 2014

Once in a lifetime - 3 Prospectiuni employees, awarded by the Romanian Academy

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Annually, the Romanian Academy (founded in 1866) honors the most valuable scientific papers published by Romanian citizens, in Romania or abroad. The papers are grouped into 14 sections. In the geosciences section (comprising geology, geophysics, geochemistry, hydrogeology, geotechnical studies, geodesy, geography and environmental studies), 5 prizes are awarded, the most coveted being the “Grigore Cobălcescu” award. One can be awarded a Romanian Academy prize only once in a lifetime.

At the ceremony, held on December 19, 2013 at the Romanian Academy, the prestigious “Grigore Cobălcescu” award was presented, for the first time, to a group of 3 authors who are employees of a private-owned company, Prospectiuni SA and not part of the academic world. Dorin Dordea, Viorel Sprînceană and Ioan Casapu, each having a PhD in geosciences, received this prize for a scientific paper published in 2011, The Atlas of the Bucharest-Ilfov Region. An assessment of the environmental factors in the region.

The scientific paper, "written in the quiet nights of insomnia, disturbed only by the roar of the donkeys nearby or by the morning croak of the elephant bird, somewhere on the outskirts of the Mbodiene village in Africa" ( the three authors were there in 2011 for a new exploration project run by Prospectiuni) sums up the results of three years and a half of research and systematic analysis of the environmental factors (soil, ground water and surface water and plants ) in the Bucharest-Ilfov region, targeted to determine the amount of heavy metals, heavy hydrocarbons and other compounds resulted from current or historical pollution. The initial research project, promoted by Prospectiuni, was ranked sixth within the 4,000 proposals submitted to the Research-Development-Innovation Competition (2007-2013 PNCDI, 2007 Edition), receiving thus funding from the state budget. The project aimed at recording, at time 0 (the time of sampling) the actual damage level for each environmental factor, and subsequent reporting of their progress over time (state of recovery or degradation). Without such systematic assessments, a description of the state of the environmental factors remains only a hypothesis. At the same time, the project proposed an assessment procedure applicable at national level, with medium-term results.

The research (sampling, preparation, analysis, evaluation of the database, design of the analytic values of the area on detailed GIS support, delineation of the areas affected by pollution and identification of polluters) took place between 2007-2011 and involved the purchase of new analytical equipment (AAS cold vapor technique - for analyzing mercury, UV spectrometer for heavy hydrocarbons analysis C10- C40).

Asked about the importance of this award for him, Mr. Dordea answered: "The congratulatory comments on our work and the admiration of those present at the ceremony filled our hearts with delight and satisfaction... However, I think it is too early to talk about this prize. It definitely seems a great achievement, but as we have not planned it beforehand or craved it, it is hard to sense its true value. I suggest we should let time go by and decide the true significance of this moment, unique in our lives."

For us, the colleagues of the 3 distinguished gentlemen, the Romanian Academy Award is the undeniable proof of their professionalism and of their dedication to the career they have chosen. Such people are role models to us, people in Prospectiuni, as they inspire and motivate us to strive for our goals and dreams.

Congratulations!

Stiri - 2013

December 13, 2013

Prospectiuni has finalised the 3D exploration project, Transylvania Centrum. Approximately 930 sq km have been prospected.

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Prospecţiuni completed in early December the 3D exploration project for SNGN Romgaz SA in the region of Transylvania (Transylvania Center RG02). The operations lasted 257 days and covered approximately 930 km2 across 28 villages from Mures, according to a press release issued by the company providing geological services, geochemical, hydrogeological and geotechnical studies.

For this project, Prospecţiuni used classic methods of seismic data acquisition. These consisted mainly of generating and recording the elastic waves through the use of geophones and the recording trucks, creating thus an „echography of the layers of the Earth”.

"The successful completion of Transylvania 3D project is an acknowledgment of the quality of the works performed by the company, of our commitment to respect the environment and of our excellent collaboration with the local community. It is a priority for us to cultivate and maintain a permanent relationship based on respect and trust with the land owners." said Gehrig Schultz, CEO of Prospecţiuni.

Upon completion of the project, the company signed the concluding project minutes which certify that Prospecţiuni operations haven’t caused any inconvenience to the local community or uncompensated damage to local land owners.

Article published on Curierul National, December 12

Prospectiuni has finalised the 3D exploration project, Transylvania Centrum. Approximately 930 sq km have been prospected.

December 09, 2013

Prospectiuni, a Key Role in Hydrocarbons Exploration in Romania

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Prospectiuni is a leading geophysical and geological service company in South Eastern Europe with almost 65 years of experience of international operations in Europe and North & West Africa. The company is strategically placed to provide services in Central, Southern and Eastern Europe as well as the Middle East and North Africa from its base in Romania. In our interview with Mr. Gehrig Schultz, CEO Prospectiuni, we discussed the company’s main goal, the future projects in Romania and in the region and the attractiveness of our country for foreign oil and gas investments.

Petroleum Industry Review: What exactly does your business area include and what are the major markets you are actively involved in worldwide?
Gehrig Schultz: Our activity is geological and geophysical service providing purposely for the oil and gas industry and increasingly for mining and environmental industries. Our main business line is geophysical survey. We recently started a new business in well logging - that is cased hole well logging services which will become very rapidly a significant part of our business. We operate in Southern Europe, North and West Africa and in Central Asia and the Caucasus. Just recently we had crews operating in Senegal, Morocco, Bulgaria, Romania, Georgia and Tajikistan.

Petroleum Industry Review: Romania has a long and rich history of hydrocarbons exploration and certainly Prospectiuni has a key role in this field of activity. How would you define your company’s place in this landscape?
Gehrig Schultz: I would say we are a long term trusted partner in the business. Our company has been in Romania for 64 years and we have an important role in exploring for the resources in Romania and I think in addition to that we have an important role throughout the region as having grown into being an international standard world class operator based in Romania.

Petroleum Industry Review:What are your main partners in Romania and abroad?
Gehrig Schultz: Our main clients in Romania are Romgaz, OMV Petrom, and the other companies that have areas of exploration in Romania. Internationally we work for a number of companies in Morocco, Georgia and Tajikistan and our health, quality and safety standards are accepted by Chevron, Shell, Total, Repsol, ENI, and a number of other large international companies. Recently we started a partnership with Geotrace, which is actually a technical alliance. We work together with them and right now we’re providing joint technical services from Romania and data processing and interpretation. It is an interesting combination because we are providing the personnel and knowledge and they are providing software and knowledge and this is a completely new business model for both companies.

Petroleum Industry Review: You have signed a cooperation agreement with Chevron, in the view of finding potential shale gas resources in Romania. What are the general terms of this partnership?
Gehrig Schultz: We are a contractor to Chevron in the same legal and business relation as we are with all of our other clients. We apply the same techniques, equipment and methodologies for exploration of conventional and unconventional resources. This is no different of what we do for other resources. We like to call our services “earth echography.” We use the same physical principals that the medical profession is using to image babies, just on the scale of the earth. Our work is just like the medical echography – safe, noninvasive and proven to work.

Petroleum Industry Review: How would you evaluate the attractiveness of Romania for oil and gas investments?
Gehrig Schultz: From an exploration perspective Romania is very interesting. There are still many, many things to be found in Romania, for example the huge offshore gas discoveries that were found in The Black Sea and some very large discoveries that were found by OMV Petrom in the Eastern Carpathian Mountains.

Petroleum Industry Review: Prospectiuni created, in the first eight months of this year, more than 1,000 jobs and continues to hire personnel. What are your expectations in this area for the future?
Gehrig Schultz: We continue to expand our business and we have a Professional Development Center. That is part of CODECS, a lead company in the area of management education, and we have a couple of different programs through this professional development center. Regarding young people Prospectiuni is committed to hire and develop young graduates. We have three programs dedicated to young graduates for geophysicist/geologist (25 hired), electronic engineers and vibe engineers. One is for inducting and hiring new geologists and geophysicists into Prospectiuni with the intention of taking them from being a young person with very strong theoretical knowledge and making them workplace and business ready in four months. Our annual plan is to hire 30 to 40 young geophysicists and geologists through this center. The program for electronic engineers just started and we brought in seven new electronic engineers as well as six new mechanical engineers. That is one part of our workplace hiring and we’ll probably hire 50 to 100 new professional people early next year. We have an extremely close tie with the University of Bucharest in particular with the Faculty of Geology and Geophysics. We are active on a number of levels with them: internships, hiring people, summer opportunities for the students that come and visit our operations. I consider it to be one of the most successful business university partnerships that I have ever seen. Prospectiuni is also committed to develop next management structure using internal talents. To sustain this development we will have programs to assess the talents (using SHL testing, assessment centers), we will create career paths and succession plans, and we will deliver trainings to develop them – as example we have now, “Foundation in management” training program to develop leadership skills.

Petroleum Industry Review: With respect to company’s development what is the prevailing direction for the next period of time?
Gehrig Schultz: We have a plan to continue growth of the company. In 2008 we had revenue of about 35 million Euros and our plan was that by the end of 2013 to have revenue of 70 million Euros and by the end of 2016 - 140 million Euros. We are currently on schedule to be between 80 and 90 million Euros at the end of 2013. We are well on our plan to quadrupling the size of the company. In terms of people we currently have about 600 geologists, geophysicists, mechanical engineers and other technical professionals as well as other 500 administrative and support professionals. The company is growing and we have about 3600 total employees and we started a new logging division which will add significantly to our revenues. We have been working for two or three months and they are significantly ahead of their business plan.

Petroleum Industry Review: What are your projects in Romania and in the region in the medium and long term?
Gehrig Schultz: We are doing a lot of exploration for our traditional clients: Rompetrol, Romgaz, OMV Petrom and new clients in the region. We have an interesting client mix, small companies, and big companies. In the region we are planning to focus on a particular type of well logging and geophysical services for the companies that become involved in the production enhancement contracts with OMV Petrom. We see that as a growing area of opportunity for us so we’ll be developing specific services for that area. We are also looking in future years to get active in other countries in the Balkan regions: Greece, Albania and some of the other nearby nations.

Petroleum Industry Review: Regarding the new natural gas discoveries in the Black Sea what is your contribution to these projects?
Gehrig Schultz: We are not active offshore. Our contribution is as an enthusiastic admirer of the perse ve rance of the explorers who made the discoveries.

Petroleum Industry Review: Speak ing in economic terms how was it like in 2012 and what revenue do you estimate for this year?
Gehrig Schultz: Last year was a good year, especially since we reached our budgetary goals even though we had significant contract signing delays in Q1 2012. We had a similar situation in 2013 but we have now booked continuous work for our teams through the winter of 2014. Prospectiuni has had continuous growth since 2008 with the exception of 2010. The drop in 2010 occurred because we left the Iranian market complying with the EU sanctions. About 25% of our business was in Iran and we had to leave the country because of the sanctions. We recovered from that now and this year will be bigger than last year.

Prospectiuni, a Key Role in Hydrocarbons Exploration in Romania

December 06, 2013

Gehrig Schultz, Prospectiuni: „High Pressure To Get People To Grow Faster“

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Interview by Bogdan Tudorache

For the CEO of Prospecțiuni, Gehrig Schultz, adapting to Romania was easy: the American of German descent found here lots of interesting cultures, and being a history aficionado he studied for the past five years traditions and habits long-lost to the West. He constantly improves his knowledge pool, and currently, at 49, he follows a Geophysics doctoral program with the University of Bucharest. Under his management, Prospecțiuni doubled revenues each four years and expanded to a dozen new markets. The 2013 revenues will exceed 85 million euro, after annual investments worth 20 million euro in equipment and a lot of effort into personnel training and education.

What are the main challenges that you are facing as a general manager of Prospecțiuni?
We’re a growing company, a 60 year-old one, working in Romania and internationally, but at the same time we’re growing very rapidly and we’re implementing new technologies and methodologies. One of our biggest challenges is getting people ready to take new levels of responsibility in their careers. We have a lot of very experienced people, a demographic high from 50 to retirement age in mid and top management positions. There`s a group that’s almost absent, the people of 35 to 50. And a very large group of people who are 25 to 35. And my problem is projecting who will run this company in 10 years…So our challenge is getting people in their 20s and 30s experienced, trained, with the abilities to step into the area of responsibility very early in their careers. In 2009 we did about 35 million euro of sales, this year we’ll be above 85 million euro of sales. We’ve tripled the amount of sales, and if four years ago we needed four operation managers, today we need nine.
Also the complexity of management demand grew, even in areas such as accounting and resource management. This year we’ve worked in Romania, Senegal, Morocco, Georgia, Tajikistan, Bulgaria and then we’ve set up new businesses in Myanmar, Mauritius and Singapore. Four years ago we had businesses in Romania, Bulgaria and Iran... so the pressure of getting people to grow very quickly is high. Now we have 3,600 employees, of which 560 technical people- geologists, physicists, chemists, 300 people in supporting professions- economists, accountants, mechanics, and about 2,600 people working in the field. We will hire early next year about 4-500 people.

Do you also witness a lack in training and education in Romania?
No, the thing we see with education is that young people get out of universities very well equipped in theory, but not necessarily well equipped in practical and business-ready skills. So a few years ago we bought majority shareholding in a university and continuing education company called Codecs. And the first things that we did for Prospecțiuni with Codecs was the Professional Development Center whose purpose is to take fresh graduates and make them business-ready in four months.

What are your goals, as general manager of Prospecțíuni, for the next period?
In the short run, our goals are executing the contracts that we have. They keep all of our capacity busy until the middle of 2014. The next big goal for us: next year we’re adding two new operation groups in the company, expanding our capacity by about 20%. We have a new business called well logging, which makes measurement inside the existing wells, and that will be fully functional in January 2014 and it’s a big goal for us. In longer term, by the end of 2016, we intend to take the company to a revenue of 140 million euros. In 2009 we took the four-year goal of doubling to 70 million euros, and at the end of 2012 we set a new four-year goal of growing double again, to 140 million euros.

Which are the results of your work at Prospecțiuni that you’re really proud of?
The contribution we’re making to developing young professionals. That is partly just giving people opportunities, but it’s also the opportunity for them to make an early impact in their career. One of the things that’s just horrible for young professionals is to get out of college, be full of enthusiasm, and come in and their job is meaningless. And what makes me proud is that because of our growth we need to grow people for the future. We’re contributing not only to Prospecțiuni, and to the geophysical industry, but I think that we also contribute to the country.

What are the main KPI’s that you’re following for this year? How about the next period?
We operate on a system of having 10 KPIs. Three of those are related to health and safety performance. Our goal is to have the safest workplace that we can provide. Three of KPIs are in people development. The others are financial. We’ve been continuously profitable - our profits are usually equal or superior to our competitors but we have some expenses that our competitors do not. Prospecțiuni has been investing up to 20 million euro a year into new equipment. We have a huge investment into expanding our company and making sure that we have worldwide state-of- the- art equipment. We’ve been also investing a lot into developing the procedural skeleton of our company. We implemented SAP for accounting, for example, and each year we add new modules to the platform. We’re one of the few geophysics service companies that have every part of the business ISO certified. We also invest in continuous improvement. A part of the management including myself are students… of management. We’re reading Harvard Business Review every month and we’re tearing up articles to share with people. We survey our employees for feedback, and supply them with ideas.

How did the general market profit margins evolve during crisis years?
The margin became tighter, particularly 2010 was a very difficult year. Very competitive, higher levels of competition…And our response during that time was to do more with what we had. For example, we started our first 24 hours operations in Romania. We used the same equipment, but working at night in our business doesn’t mean that you double production, but just adding 60%...But 60% in addition to only 20% people helped us.

You have worked all over the globe. What are the main differences regarding Romania, as compared to other countries, in terms of its main resources?
Romania is very rich in resources, because of its geologic history it has a wealth of oil and gas and different minerals. Romania is one of the few lucky countries that has oil and gas, minerals, agriculture and quite a lot of nature left. For minerals, the northwest of Romania, Baia Mare, Cavnic, are very rich: Led, zinc, silver and other metals. The Apuseni mountains are known for gold reserves, with large possible reserves to be found. There are some copper reserves in eastern Carpathians that are interesting. Transylvania, Crișana, Banat, Oltenia, Moldova, all have oil and gas in various depths and structures.

What do you like and dislike about Romania?
I like being here, it`s a very interesting country and there’s a lot to see and learn. I have a big interest for history, and Romania is a crossroads of so many cultures and places...You drive around the country and you find different villages, of Saxons, of Schwabs, even of Turks and Tartars in Dobrogea and down by Tulcea... you can see the movement of people across history. At the fortified citadel of Biertan you may see the traces of the barbarian attacks... Also, the traditions are so well maintained. I was talking recently with a lady of a German descent from central Romania– and I’m of course also an American of a German descent- they still keep all the traditions alive here, traditions that disappeared in West once the elders have passed away. I dislike the parking system of Bucharest – there is a new parking at Universității, I think we need at least ten more of those. The country needs to constantly and repeatedly send out the message that this is a stable, transparent and predictable environment. It doesn’t have to be perfect as Switzerland’s, but if it’s predictable we can invest here over the longer term.

There`s a lot of talk about energy independence these days. Do you think that’s achievable?
Energy independence requires an energy mix, and Romania is in a very privileged position to have a very well-balanced and strong energy mix – which also has to be balanced between the costs of the resources, the environmental impact and the jobs it produces. Coal has to be balanced with natural gas, oil, hydroelectric, wind, photovoltaic and the one that can be included in this is geothermal energy. If you look at Banat-Crișana… in Hungary, every town is using geothermal energy for district heating, and in Romania as far as I know there`s only two towns that use significant amounts of energy in this field.

Should we be afraid of Russia in energy terms?
No, I don’t see fear as the right reaction. I think we should be aware of what`s the best business in terms of foreign exchange and energy balance for Romania. The big thing is – I always found this a little bit difficult as a foreigner- that the nation has to see its best interest: what’s best for its consumers and his pockets. And look for the future energy mixes.

What would be your advice for a new entrepreneur now starting a business in your field?
Firstly, to be a student of management and a student of their field. It’s not just enough to have an idea, you have to feed yourself constantly with information for the next idea and ways to run your business. Actually I tell that to people all the time, I’m a student at the University of Bucharest and I’ve been involved with a lot of students, I’m getting a Doctorate in Geophysics here. I have two daughters of student age, and some young friends that I helped and mentored throughout their careers. They have to learn and be passionate, because if you don’t like what you’re doing, why the hell are you going to invest your life into it? I expect to be a student until I die, maybe not enrolled in a university, but learning, because you have to keep going...

Gehrig Schultz: „High Pressure To Get People To Grow Faster"

October 29, 2013

Gehrig Schultz: “Prospectiuni Company is not searching for shale gas”

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Alexandra Craciun – Bursa 29.10.2013

Gehrig Schultz, President and General Manager of Prospectiuni, speaks, in an interview with Bursa newspaper, about shale gas explorations, allegations of violations of the right to property, but also about the energy future of our country, which invariably depends on the investment climate promoted by the state.

Reporter: Is it true that Prospectiuni looks for shale gas in several areas of the country, without having the authorities’ approval?
Gehrig Schultz: Prospectiuni Company does not explore for shale gas, it makes an “earth ultrasound” to identify the geological potential of certain areas in Romania. Subsequently, discoveries made by the company may serve to various purposes. Prospectiuni is working hard to obtain all the necessary permits and authorizations in the process aiming at underground geological research, but it isn’t always easy. Some of Prospectiuni research operations require even 5000 or 6000 authorizations from landowners where the prospecting is to be done. Recently, the company employees have witnessed an atypical case, a land area split into two plots, owned by two different people, but with the same name. The company obtained, at the time, permit from only one of the persons, not knowing that there was a second owner on the respective land.
Gehrig Schultz: Occasionally we still make mistakes, but they are not ill-intentioned, however we try to have active environmental permits and town planning certificates. In order to carry out prospecting operations, currently approximately 24 authorizations are required from landowners where prospecting operations are carried out, local and central authorities.

Reporter: Is it easy to obtain a prospecting permit? What is the relationship between the Prospectiuni Company and the state?
Gehrig Schultz: Sometimes the law has certain gaps which, in some cases, may leave room for interpretation. For example, recently Prospectiuni has received a document from the environmental authorities, saying that a certain type of permit wasn’t necessary, because the prospecting actions in the region did not affect the environment. At the same time, the local authorities consider that the same document is necessary for Prospectiuni employees to be able to carry out their activity in the area. The difficult part comes when the state is in favour of “yes”, but the local authorities advocate for “no”.

Reporter: In the event of such cases, which is the way you handle the situation?
Gehrig Schultz: In the past, we used to bring people together and discuss on the matter, the entire approach being rather informal. Currently, this process has become much more formal, everything must be documented based on documents and letters. The process has become longer, thereby resulting in delays of company works.

Reporter: Is it true that Prospectiuni employees not only illegally enter people’s land, but also have inappropriate behaviour towards the locals?
Gehrig Schultz: Such information reached the company management, and if we find similar situations we will take all necessary measures to prevent it from happening in the future. There are, in our activity, some situations when Prospectiuni employees are not allowed to talk to the locals. For example, when Prospectiuni employees are to detonate explosives, they are not allowed to speak with those around them, so their attention is not distracted. This is justified by the fact that the explosive material must be used with caution. Secondly, removal of people from near the perimeter where the prospecting is done is designed to ensure their safety. Of course, if there are such situations and punishing the employees has no effect in rehabilitating their behaviour, the respective employees will be removed from the project.

Reporter: The locals complain that their crops have been destroyed during prospecting. What is the compensation system for people affected?
Gehrig Schultz: Every time when Prospectiuni employees enter the private property of a local and crops are destroyed, he is compensated. Sometimes, the company pays compensation for damage to grass on pastures, when in the respective perimeter prospecting actions have been carried out. There is a compensation grid for each owner of properties where Prospectiuni has passed, depending on damages caused. Prospectiuni does not pretend it makes no damage to the quality of land where it passes, which is why it pays whenever the situation requires it.

Reporter: Using dynamite is a practice of Prospectiuni activity?
Gehrig Schultz: Indeed, in the prospecting process dynamite is used, but effects are imperceptible. The amount of dynamite usually used is 2kg, compared to 1,000-2,000kg of explosive used in mining. Prospectiuni uses a certain type of dynamite which sends sensors and vibrations underground. This dynamite does not break the rock and causes no irregularities in Earth’s crust. Dynamite, together with other methods, helps to collect information from the subsoil, based on which the mineral potential of the area will be established.

Reporter: Are prospecting procedures different, depending on resources searched for?
Gehrig Schultz: Regardless of the type of natural resources existing in the subsoil, prospecting is done with the same methods. Whether it’s about shale gas or conventional gas, water or other minerals, Prospectiuni carries out the same types of activities to determine the existence or, on the contrary, lack of natural resources underground.

Reporter: What are the companies you currently make prospecting for?
Gehrig Schultz: We have several ongoing contracts, with companies such as Chevron, Petrom, Romgaz. A great part of the country has high potential for oil and gas deposits.

Reporter: How many lawsuits does Prospectiuni currently have, due to complaints filed by the locals?
Gehrig Schultz: Usually we do not have very many lawsuits, but lately we have faced several attempts of people who filed a very large number of complaints without ground and against which we have already taken legal action. It’s not right for certain people to use Prospectiuni name and the lawsuits against the company for their own interest. The real question, in the context of the last discussions on natural resources, is the following: What is our interest as nation? What do we want to do as people? Does the Romanian people want to know what resources it has underground or, on the contrary, allow another country or small group of individuals establish what should be explored or exploited? The Romanian people, by knowing such information, may decide what is right for their future. Basically, Prospectiuni provides knowledge on deposits found in the subsoil of the country, and competent entities will determine what the course of action will be from that point.

Reporter: The U.S. experience in shale gas exploitation shows that earthquakes may occur, diseases, polluted water…
Gehrig Schultz: The European Union is working on a standard for monitoring hydraulic fracturing and environmental effects. If there are indications that it could produce a vibration, energy can be spread and drilling will be stopped, as to avoid the negative effects on the environment. In Romania hydraulic fracturing has been used for more than 50 years, in the traditional oil and gas industry. However, no one has brought up this issue, because the effects of hydraulic fracturing are quasi-imperceptible. If hydraulic fracturing had negative environmental effects, the authorities and the media in Romania would have noticed it, given the history of more than 50 years of this method of exploitation of underground resources. At the same time, water used in exploitation can come from anywhere, either it’s clean or dirty water. The problem occurs when the company that drills these wells is not careful with pipes it lays underground or the cement it pours to protect the well walls, because oil and gas may seep into the groundwater and cause certain risks. If the wells are properly built, then these risks are drastically reduced, the environmental impact being almost inexistent. However, all these risks can be prevented by a set of powerful regulations of the state and by a vigilant monitoring of the exploitation activities.

Reporter: Do you think our country can become independent in terms of energy?
Gehrig Schultz: Romania has the resources to sustain, by its own, energy independence. The only problem is that it does not produce enough gas for winter. Romania must decide what type of policy to follow and send a clear message to investors. Is it a state open to investors or not? Can the investor have a successful business in Romania? Finally, it’s all about the investment climate and at what extent the state and the competent authorities can determine the investors to do business in Romania. This discussion becomes even more important in the context of controversies on topics such as shale gas or Rosia Montana. Nobody disputes that several tens of thousands of people took the streets, but a protest is never a referendum. Ultimately, the voice of the entire people must be heard.

Reporter: What other activities does Prospectiuni have ongoing, besides the prospecting of areas with potential of underground reserves?
Gehrig Schultz: Prospectiuni has an active business, trying to identify the subsoil potential of the country where it carries out the prospecting activity. The company employees can also analyze water composition to see what minerals are in a certain area or if the water has been contaminated. Also, Prospectiuni makes measurements of the Earth’s magnetic field. For example, if there is an underground iron ore, then the Earth’s magnetic field will be changed. Prospectiuni can also prospect for metals such as copper, zinc, gold, which are electrically conductive. Moreover, the company has many programs in process which aim at the involvement of students in field projects in order to be able to associate the theory learned at the university with practice.

Article published on Bursa online, October 29 : Gehrig Schultz: “Prospectiuni Company is not searching for shale gas”

October 28, 2013

Prospectiuni SA creates alliance with Geotrace Inc. to take on new markets

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Florin Rusu – Energy Report 25.10.2013

Prospectiuni S.A. and Geotrace Inc. have signed a technical alliance, followed by hosting a technical presentation for their current and potential customers on the 23rd of October. The alliance will ensure the provision of superior processing and interpretation services to E&P companies in Europe.

Both Prospectiuni and Geotrace are constantly looking for development opportunities and for regions with high potential for further expansion.

Prospectiuni’s wealth of knowledge will be combined with Geotrace’s technology, processing software and technical assistance.

“This is more than a technical alliance, it’s something very special for both companies. In addition to our clients benefiting from better technology and new processes, there are also many more opportunities for us to grow in the geophysical and the processing community and offer better services to customers in this part of the world. Five years ago we started looking into a technical partnership that would bring leading edge technology here, to be part of Prospectiuni and of our industry.” said Mr. Gehrig Schultz, Prospectiuni CEO.

Bill Schrom, Geotrace CEO was also enthusiastic about this collaboration: “We look at this alliance as a very well fitting tool combining knowledge of the Romanian area and geology expertise. This relation will be very good for both companies and it should be very good for the industry, as customer satisfaction is highly valued.”

Prospectiuni hopes that the alliance with Geotrace will contribute to enlarging the number and the scope of the contracts the company will sign in the future.

Prospectiuni SA is a leading provider of geophysical and geological services, supporting their customers’ objectives in discovering the Earth’s natural resources. Prospectiuni offers a wide range of services including 2D and 3D onshore seismic survey planning, acquisition and data processing, geological and geochemical analyses, magnetic telluric and gravity surveys. We are strategically placed to provide services in central, southern and Eastern Europe as well as the Middle East and North Africa from our base in Romania with 60 years of experience.

Geotrace Inc. is a leading reservoir services company focused on delivering clarity through integrated solutions to the oil and gas industry worldwide. The Houston based company assists clients in maximizing the value of subsurface information, increasing the understanding of rock and fluid properties and decreasing drilling risks through the use of a suite of highly engineered software tools.

Article published on Energy Report, October 25 : Prospectiuni SA creates alliance with Geotrace Inc. to take on new markets

October 25, 2013

We are not looking for shale gas in Arges

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The right of reply

Official Prospectiuni company statement in response to the Mediafax article: Locals complain that a prospecting company has trespassed onto their land: “They explore for deposits, oil or shale gas, who knows. They don’t want to state what exactly they are looking for.”

Prospectiuni does not explore shale gas in Arges County. The exploration activity in this area is done under a contract signed with another Romanian company, Petrom. Geological research is conducted in an oil-bearing field, where oil has been extracted for over 30 years.

Despite accusations of trespassing or abusive entrance on land owners’ fields, Prospectiuni signed agreements with about 500 landowners over just a month and a half since the start of the project and will most likely sign another approximately 1000 agreements until its completion. The company has very strict rules related to identifying land owners and obtaining their approval before entering their fields. There has only been one complaint at the local police station in Mosoaia, Arges County, but it was later dropped by the owner, after discussing with our company’s representatives.

Entering agricultural fields without land owners’ approval is caused in most instances by the unclear situation of land ownership in the area, by being unable to contact the owner (people working outside the company focus area), by non-transparent contractual relations between tenants and landlords or other situations that do not allow us to get in touch with them. We will investigate all the complaints received about the inconvenience caused to land owners in Arges and provide compensation if we have caused any damages.

Article published on dailybusiness.ro, 24.10.2013 : Prospectiuni: We are not looking for shale gas in Arges

September 23, 2013

Prospectiuni expands to Singapore

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Octavian Radu – Bursa 23.09.2013

The shareholders of Prospectiuni (PRSN), the geophysical and geological services company controlled by businessman Ovidiu Tender, approved at the end of last week, the opening of a subsidiary in Singapore, in order to carry out specific activities in the field. In July, Prospectiuni decided to open a subsidiary in Serbia, after in September 2012 it had agreed to expand to Mauritius, and in 2010 to enter Senegal. At the end of last year, the company had operations in Southern Europe, Central Asia, North Africa and West Africa, providing seismic data acquisition services, processing, interpretation and other geological and geophysical services, according to the annual report. The company has a registered branch in Morocco, Prospect Geoservices.

This year, Prospectiuni has invested 80.5 million lei (about 18 million Euro) in the development of the work capacity necessary for expanding the business and created 1,024 jobs in the first eight months of 2013, out of which 41 are permanent, the rest being seasonal.

The company has recently announced that it will hire 400 people over the next period, in the country and abroad. Prospectiuni has 3,200 employees.

Last year, the company had a turnover of 314 million lei (70.5 million Euro) and a gross profit of 23.7 million lei (5.3 million Euro). Ovidiu Tender holds 55.7% stake of Prospectiuni through Tender SA Timisoara company, and SIF Muntenia (SIF4) has a package of 11.82%.

Article published on Bursa online, September 23 : Prospectiuni expands to Singapore

September 20, 2013

Prospectiuni invested 18 million euros into the development of work capacity and will hire 400 people

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Piata bursiera – Mediafax

The company Prospectiuni Bucharest (PRSN), controlled by businessman Ovidiu Tender, invested 80.5 million lei in the first eight months into the development of work capacity necessary for expanding the business activity, and will hire 400 people over the next period, within the country and abroad.

"Until only recently, only the staff in Romania was sufficient for the international activities, however the accelerated development in recent years has led us to hire in other countries as well, because we need all Romanians at the local level," said in a statement the company general manager, Gehrig Schultz.

Prospectiuni created, in the first eight months of this year, more than 1,000 jobs, out of which 41 are permanent and the rest are seasonal, according to the press release. Currently, Prospectiuni has 3,200 employees and in the next period it will hire 400 people to work temporarily under contracts held in Romania. Prospectiuni operates on four continents and therefore recruitment is not only in Romania, reads the statement.

Prospectiuni is a geophysical and geological services provider and has operations in Europe and North and West Africa. Last year the company had a turnover of 314 million lei and a gross profit of 23.7 million lei. Ovidiu Tender holds 55.7% stake of Prospectiuni through Tender SA Timisoara company, and SIF Muntenia (SIF4) has a package of 11.82%.

Articol published in Curierul National, 19 September 2013 : Prospectiuni invested 18 million euros into the development of work capacity and will hire 400 people

September 18, 2013

M. Mitroi (Prospectiuni SA): All Effects Disappear After the Exploration Ends, the Land Is Left As It Was

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Mihai Mitroi, Chief QHSE Officer, Prospectiuni SA

Prospectiuni SA continues soil exploration activities in Sibiu County, for the discovery of new reserves of conventional hydrocarbons. Operations occur within a 12-month agreement concluded with Romgaz, agreement in which Prospectiuni does a soil ultrasound to see if there are new natural gas deposits. The operations involve 640 employees, and are met with criticism from some associations in the area. Specifically, some people accuse the company that its employees „cause damage to crops in the field” and threatens some buildings in the area. I have found the public position from Mr. Mihai Mitroi, Chief Quality and HSE Officer for Prospectiuni S.A.

Can you confirm the commencement of exploration work in Brașov-Sibiu area?

The media published a number of inconsistencies that I wish to clarify. Thus, Prospectiuni has won the contract “Seismic works for data acquisition – seismic prospecting in RG-03 area Transilvania Sud” by winning the public tender organized by the National Gas Company Romgaz. The project is based on petroleum concession agreement concluded between the National Agency for Mineral Resources (NAMR) and Romgaz on the execution of 3D seismic data acquisition and processing for the discovery of new reserves of conventional hydrocarbons (oil and gas) in the existing perimeters. Environmental Protection Agency from Sibiu (EPA Sibiu) confirmed that Prospectiuni activities are not intended for identifying shale gasn deposits.

The project takes place in an area of 900 square kilometers located between the towns of Buia – Chesler – Paucea – Dumbraveni – Laslea – Iacobeni, all belonging to Sibiu county, for a 12 months period, involving over 640 employees of our company. Equipment used by the company’s teams are cutting edge seismic data recording equipment: telemetry cables, geophones, digital recording systems, surveying equipment, drilling, energy sources, vibration and blasting systems, seismic data processing software resources.

Not a single complaint has been directed or filed towards Prospectiuni S.A.

Are you aware of any incidents in the areas that relate to allegations made by the Association Neuer Weg of Fagaraș?

Our company has implemented a clear human resources training system, which aims, among other coordinates, the ensuring of a proper behavior of all its representatives. Regarding the allegations that you refer to, not a single direct complaint was filed against Prospectiuni. However, I ordered an internal review procedure regarding the veracity of elements reported in this direction.

Before starting work, it is done an assessment of those houses already damaged

Also, people accused in the press that Prospectiuni operations carried out are destroying houses facades and “workers cause damage to fields’ crops.”

The buildings structure in the areas where we operate is not put in any kind of danger. Prospectiuni company has state-of-the art equipment allowing careful control and monitoring of overall vibration level. Our company has been active for over 60 years on the Romanian market.

We know the maximum allowable vibration limits regulated by international standards and norms and strictly adhere to them. To prevent any possible future accusations, before work is carried out an assessment of what houses are already damaged, making a photographic record of their state.

There are landowners that found no damage and requested no compensation

Entry on a land is based on the written consent of the owner. On completion of the work we make minutes with each owner who sets the compensation level by evaluating the type of land, type of crop, the expected production and the market price. Our goal, however, is the impact of land and crops to be minimal. More than 800 minutes have been prepared so far with landowners, including people who have found no damage and did not request compensation. Prospectiuni performed seismic acquisition works only after obtaining the necessary documentation from EPA Sibiu. Also, we have all the permits required by law from the Ministry of Interior and local Labor Inspectorates and our company operates in full compliance with the law.

Exploration’s effects are disappearing with its cessation, and the lands are left in their original form

In all its projects that require the use of explosives, blasting are made under the law, only during day-time. There is a strict record and highly accurate records of the time of each detonation. The impact of seismic data acquisition work manifests in short and very short time-frame, with a local character, temporary and reversible. The effects of this activity disappear with her termination. Prospectiuni complies with all the legal requirements on environmental protection and historical heritage. Company representatives gather all seismic data recording equipment at the completion of work. Our work has no impact on the appearance of the area where the work has been carried out. Following the cleaning procedure of land, according to our company regulations of inner order, land is left in original form prior to exploration activities.

Entry on land is based on the written consent of the owner

Can you describe what the normal protocol is during such prospecting operations?

The company notifies in writing all municipalities and local structures of the Ministry of Interior of the territory within which it may operate. In cases where it is necessary to conduct seismic data acquisition activities on land owned by local municipalities, always there we reach an agreement prior to the commencement of operations. Also, Prospectiuni is embarking on the endeavor to identify, contact and reach an agreement with those land owners whose lands are embedded in the project. For this particular endeavor, our teams call in their support the local authorities and the very communities in which we explore. Entry on land is based on the written consent of the owner.

How does the company verify the behavior of its field employees? Has the company recorded complaints from citizens?

The field behavior of our employees is carefully monitored by strict procedures imposed by the internal regulations of the company. These involve supervisors, field inspections by the team management and the representatives of the Prospectiuni, as well as the daily monitoring of the heads of brigades. In addition, to ensure compliance with traffic rules and avoid road incidents, our internal procedures and standards include electronic monitoring of company vehicles and driver behavior.

Energynamics: Interview with Mihai Mitroi

September 11, 2013

The Head of Prospectiuni: We announced we are recruiting for 100 positions and we received 4,100 resumes

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Article by Adrian Cojocar

Gehrig Schultz, the CEO of Prospectiuni S.A, Bucharest (PRSN), the geological and geophysical prospecting company controlled by businessman Ovidiu Tender, says that the company is currently recruiting 100 new specialists, for which 4,100 resumes were received to date.

“Our company is rapidly growing. Up until now, we hired 60 professionals, from accountants to mechanics. We are also recruiting for our international operations in various countries, such as Georgia, Croatia, Serbia, Hungary, Algeria, where our business is expanding.In the past we were able to handle international business only with our Romanian staff, now we have so much work to do internally that we must hire in other countries, because we need all Romanians here, working at the local level. We are extremely busy, "said Gehrig Schultz.

In the near future Prospectiuni will need to hire 400 more people to temporarily work under the contracts held in Romania by the Australian company ADX Energy and the Chevron giant.

The American says that the prospecting company currently has 3,200 employees compared to an average of 1,780 employees during the preceding year. However, Prospectiuni’s number of employees varies greatly throughout the year due to the seasonal nature of the business, which the company management is trying to balance.

Earlier this year, the geological prospecting company collected contracts from Petrom & Romgaz worth 121 million euros for 2D and 3D prospecting services, as these companies have significantly increased their budgets assigned to identify the oil and gas deposits in Romania in 2013, compared to previous years.

Half of ROMGAZ & PETROM concessions surveyed

"So far we have completed 3D prospecting work on about 60% of Romgaz’s concessions and on 40-50% of Petrom’s concessions. If we continue at this rate, we will have covered all the concessions that both companies currently own, by 2016. That does not mean they will not have other prospecting concessions and necessities. I expect, however, that starting in 2016 our operations at the national level will slow down. If today 70% of our activity is local and 30% is international, in three years most likely these rates will be inversed, and our international activity will represent 70% of our business," says Schultz.

The head of Prospectiuni estimates that the revenues generated by our international activities will be similar to those in 2012, but the business will continue to grow due to major contracts that the company has in Romania. We started operations in Bulgaria, another contract in Georgia, and we continue the activities in Senegal and Morocco. In Georgia, we started the process of moving equipment there and in Bulgaria we signed a contract last week. The contract in Morocco is probably the most consistent of our international activity."

In the first half of the year Prospectiuni business has climbed to 29% reaching 133 million lei (30 million Euros), but the company reported losses of 10.5 million lei (2.4 million Euros), attributed to changes in the accounting policy related to the recording of provisions, which affected the result by 8.65 million lei (€ 2 million).

"We expect to recover the losses of the semester of second half of the year. We decided to change the accounting policy for provisions this year because some shareholders wanted to have a better picture of the company's results, and during the last quarter of the past year they expected to have a very good profitability, however when we provisioned more in December they were surprised. Therefore, now we make these changes to the provisions every month, not at the end of the year," says Schultz.

We’ll have work in winter too

The American says that he managed to make the business more stable and predictable, so there are no major variations of activity from one month to the other, and the first changes in this regard will be seen in the winter of 2014, when the company will have almost all its crews working.

"Now Prospectiuni has eight working crews, out of which six are fully contracted until mid-next year. We will have some seasonal changes, because the days are shorter and the weather conditions are more difficult, but the work during this time will improve significantly compared to previous winters," said the head of Prospectiuni.

He says that the company's activities continue to grow in the existing areas and he considers that Burma could be an important future market for the company, a country in Southeast Asia with a surface and population three times greater than that of Romania. We have a strong focus there - we had meetings there, we have a local representative and crews to study the work and the costs. This is an attractive location for us. We see also potential for business growth in Croatia, we believe there are long term opportunities in Serbia, and we are also looking for business in Greece”, says Gehrig Schultz.

This article was published in the printed edition of Ziarul Financiar from 09.09.2013

September 05, 2013

The Environmental Protection Agency in Sibiu: SC Prospectiuni SA is not looking for shale gas in Sibiu County

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The Environmental Protection Agency Sibiu (APM/ EPA) states that SC Prospectiuni SA is not looking for shale gas in Sibiu county, they do “seismic prospecting for hydrocarbons”. The clarification came as an answer to the protest launched by several organizations and foundations in Transylvania that demand ceasing of excavations in several villages in the counties of Sibiu , Brasov and Mures, where the company presumably looks for shale gas.

Several NGOs, foundations and companies in Transylvania joined at the beginning of this month to campaign against shale gas exploration and exploitation in Hârtibaciu Plateau and Tarnavelor area. United under the "Rural Civil Initiative" name, the opponents of the shale gas exploration and exploitation related projects have a manifesto in which they demand that exploitation works are stopped and property rights to be respected.

In the manifesto they released, the protesters announced that they have initiated legal action in court against the Environmental Protection Agency Sibiu which had approved the project of SC Prospectiuni SA, allowing the employees of this company to work in the above-mentioned areas. Upon the request of citynews.ro, the management of The Environmental Protection Agency Sibiu clarified the type of works the company in question is doing and on what terms the environmental permits have been granted.

SB: Mobilization against shale gas exploration on Hartibaciu and Tarnavelor Valley

"SC PROSPECTIUNI SA obtained from the Environmental Protection Agency Sibiu the Decision no. 56 of 05.04.2013 referring to the classification stage for the project “Seismic data acquisition works - seismic prospecting in the RG 03 South Transylvania perimeter", an administrative territory of Sibiu County", states The Environmental Protection Agency Sibiu.

The project in question lies under the incidence of the Governmental Emergency Order no. 57/2007 on protected natural areas, natural habitats, wild flora and fauna, with subsequent amendments and addenda" and the EPA Sibiu argues that " the decision was issued only after all the favorable permits from the administrators of the Natura 2000 protected sites had been received: no. 22/ 12.03.2013 from the Tarnava Mare - Hartibaciu Administration, from the “Progresul Silvic” company in Sibiu, with reference to RO SPA 0099 Hartibaciu Plateau, no. 23/12.03 .2013 from the Tirnava Mare - Hartibaciu Administration, the “Progresul Silvic” company in Sibiu , with reference to RO SCI 0227 Sighisoara - Tarnava Mare, no. 147 N/22.03.2013 from the Administration of the Niraj Valley Micro-region, from Tarnava Mica - Balauseri Micro-region Association, from Sovata, from Milvus Group Association, with reference to RO SCI 0186 Oak Forests on Tarnava Mare".

Under such circumstances, EPA Sibiu representatives add that “the positive permit has been issued for the execution of 3D seismic exploration works for hydrocarbons in the approved perimeters " and the same official source states, "the data acquisition works in the RG03 block for which the regulatory document from the Environmental Protection Agency Sibiu has been issued, do not aim to identify shale gas."

Article written by Citynews

August 30, 2013

Prospectiuni is organizing the second edition of “Professional Training Center Program”

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On Monday, 5th of August 2013, the opening festivity of the second edition of the Professional Training Centre took place, as a training session organized by Prospecțiuni with the assistance of the CODECS team for a group of 19 newly graduates from the Faculty of Geology and Geophysics or Electronics (some of them still senior students) which is meant to help integrate young geologists and geophysicists within geophysical investigation activities.

This training session has been structured so as to approach all the fields of activity within the company: the DOT (the Department for Field Operations), the SPIDS (the Division for Seismic Data Processing and Interpretation), the HSEQ (Employee Safety Performance), the GG (the Geology and Geochemistry Division).

This program’s second edition adds to the previous one a new training section created for electronics engineers. The relevant aspects of the activities of seismic data acquisition as well as the equipment used in this respect shall be emphasized.

The session which is scheduled to last three months during August – October 2013 is made up of two parts, the theoretical courses which are to be held at the CODECS headquarters by specialists within our company and the practical courses organized with the seismic field crews for the geophysics engineers enrolled in this program. The internship module to be attended by the electronics engineers shall be conducted at the LAEG headquarters in Chitila.

The training session includes a detailed schedule of specialty technical lectures delivered by the Prospecțiuni specialists describing the current and future trends the investigation sector of the oil and gas industry is facing.

Subsequent to having graduated from such a company school, the young specialists shall acquire the necessary skills to better understand and appreciate the various stages of our company performance. The learners are provided with the opportunity of applying the theoretical expertise they have acquired during their academic studies and of adapting themselves to the working methods and requirements in a multinational company.

In his speech to the attendants of this school, Mr. Gehrig Schultz, CEO of Prospecțiuni stated:

I wish you to grow and develop within our company and to build the future of Prospecțiuni.

July 12, 2013

The 75th European Association of Geoscientists and Engineers (EAGE) Conference & Exhibition Incorporating SPE EUROPEC 2013

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June 10-13, 2013, London, UK

Thank you for stopping by Prospectiuni’s booth at EAGE London to learn more about the wide range of integrated G&G services we offer! Our company’s technical excellence was creatively suggested by the performance of Anima Quartet, who impressed the public once again with their charm and professionalism.

The vibrant business hub of London welcomed more than 8,000 delegates from all over the world and we are thankful we had the opportunity to interact with them, to share knowledge and insights, and to learn about recent innovative industry developments.

The technical program, themed “Changing Frontiers”, consisted of more than 1,000 papers and posters, while the international exhibition hosted 356 companies on 22,000 square meters of exhibition space.

London was the perfect setting for us to “change frontiers” and expose the global outreach of our operations - we officially announced the strategic partnership with Geotrace, a leading reservoir services company based in Houston, USA.

Three of our employees presented their research as part of the technical program of the conference. You can access their posters by clicking the links below:

June 07, 2013

Leading reservoir services company teams with leading geophysical and geological company to serve Southeastern Europe

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Geotrace and Prospectiuni SA to provide E&P sector with best-in-class processing and interpretation services

(HOUSTON, TEXAS – June 06, 2013) Geotrace Technologies Inc. and Prospectiuni SA are proud to announce a strategic alliance providing high-quality processing and interpretation services to exploration and production (E&P) companies in Southeastern Europe. The venture will operate within Prospectiuni’s Bucharest headquarters. The partnership will capitalize on the strong reputation Prospectiuni has developed as a leading provider of seismic data processing and interpretation services; and on Geotrace’s strength in seismic imaging technology and reservoir services.

This agreement represents each organization’s strong commitment to provide customers with a single source for the best-in-class geophysical technology. This venture expands the Geotrace branded subsurface imaging into Eastern Europe; when these technologies are combined with Prospectiuni’s excellence in service and support, you have a situation that can’t be matched in the region

said Bill Schrom, CEO of Geotrace.

We are very excited to work with Geotrace on this innovative project.Together we will provide enhanced quality standards for a wide range of processing services offered to our clients. The fusion of Geotrace’s advanced technology and Prospectiuni’s expertise and deep knowledge in the field are the foundation of this strategic alliance

said Gehrig Schultz, Prospectiuni‘s CEO.

June 05, 2013

Prospectiuni celebrates the 1st of June with school children

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On the 1st of June, International Children’s Day, Prospectiuni celebrated with the students from Gorj County.

A crew from Prospectiuni distributed notebooks, pens, backpacks, balls and frisbees to preschool and first grade children from Ticleni Secondary School, School Number 2 from Pestana village, Baldeni township, and Elementary School in Farcasesti.

Our company’s representatives together with the teachers from these schools congratulated the children on their good results and wished them „ Keep up the good work!”

The campaign in Gorj County is part of a larger project, „The pen and pad”, that was started at the beginning of last year in most areas where Prospectiuni operates.

Over 8.000 notebooks and pens were distributed through this program to students all over the country.

Prospectiuni’s purpose for these campaigns is to support community development.

Prospectiuni is actively involved in the communities where it is present. We want to contribute to a sustainable development of these regions. We collaborate with local providers of accommodation and logistic services, we hire people from the area and, above all, we contribute to the education of the younger generation - the generation on whose shoulders rests the future of these communities

declared Gehrig Schultz, CEO of Prospectiuni.

Mai 30, 2013

Prospectiuni would like to invite you to join us, from June 10th till the 13th, at the 75th EAGE Conference and Exhibition in London

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It would be an honor to have you as our guest at Prospectiuni’s booth (no. 1330) to present you our strengths and capabilities and share knowledge about the latest G&G services. Cost effective solutions, state of art equipment, risk reduction and added value to your E&P operations are our specialty. Our experts would be glad to welcome you and answer any questions you may have.


We are also proud to announce that three of our employees will present technical papers at the 75th EAGE Conference and Exhibition in London and you are more than welcome to attend:
1. Poster: 2D versus Pseudo-3D Seismic Data Processing in the AVO Analysis – A Case Study on Tuesday 11 June 2013, at 08:55 hrs at Poster Box 1
2. Poster: Integrated Geochemical Methodologies Conducted for Hydrocarbon Lead Zones Pre-Evaluation on Wednesday 12 June 2013, at 09:45 hrs at Student Poster Box 3
3. Paper: Integrating Resistivity and Seismic Surveys to Identify Shallow Hydrocarbon Reservoirs on Thursday 13 June 2013, at 11:20 hrs at Room 1

To find out more about the EAGE conference in London please click:
http://www.eage.org/events/index.php?evp=6988&ActiveMenu=3&Opendivs=s3

We look forward to seeing you in London!

Prospectiuni Team

May 14, 2013

4th International Geosciences Student Conference (IGSC) 2013

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April 25-28, Berlin

The 4th International Geosciences Student Conference was organized in Berlin, Germany, by the Student Geoscientific Society with the support of several partners and sponsors from the industry and academia. Prospectiuni was honoured to be one of the main sponsors of this year’s conference, next to SEG, EAGE, AAPG, Geo-X, Total, ExxonMobil, Schlumberger, GDF Suez, DMG and Freie Universitaet Berlin.

300 students from 25 countries gathered in Berlin to learn from experienced professionals and to share their research results with young geoscientists from all over the world, with the goal to become part of a true geoscience community whose mission should be that of Inspiring change both in the G&G industry and in the society.

The oral presentations and the posters presented in the conference covered 4 main themes: sustainable living, resources & energy, fundamental research and hazards & risks. The short courses and the workshops were focused on gaining practical and technical knowledge in the major fields of the industry: seismics, geology and geophysics. The conference ended with the popular SEG European Challenge Bowl, a series of interesting quiz tests where students have the opportunity to team up and check their knowledge of the geosciences.

As part of our mission to support the future generation of geoscientists, Prospectiuni offered travel grants with the total amount of 2,500 Euro to 10 meritorious students from Romania, Serbia and Poland who had abstracts accepted in the Technical Programme of the IGSC Berlin Conference.

May 07, 2013

Icon Vienna – European Business & Investment Forum

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April 24-26, 2013

East-West Summit on Innovation and Infrastructure, the 9th edition of Icon Vienna – European Business & Investment Forum welcomed top decision-makers from politics, business, academia, international organisations and key media outlets from 40 different countries to Vienna between April 24th and April 26th. The event, presented by the European Brand Institute, debated contemporary key issues essential to Europe’s sustainable development, investment strategies, innovative projects and investment opportunities. National and international experts met to network and share thoughts on best practices in pursuing international business.

Gehrig Schultz, Prospectiuni’s CEO, participated as a guest speaker on the “Global innovation change – Europe’s role to meet the challenges” panel. The discussion focused on innovative resource management leading to sustainability, generating business opportunities and creating jobs. Mr. Schultz acknowledged Prospectiuni’s uniqueness in taking a traditional state-owned company in Romania and turning it into a multinational company. As an advocate of lasting change, Prospectiuni provides format and structure for collaborative business and seeks mutually beneficial outcomes to business partnerships.

European businesses must make a commitment to long and short-term partnerships, especially when collaborating with resource rich, know-how scarce countries even when the path forward is unclear and changing. Prospectiuni is an advocate of lasting change, striving to share Europe’s wealth of knowledge with our international partners worldwide. Success comes with great responsibility, and ours is to provide format and structure for collaborative business while pursuing global development.

Gehrig Schultz, CEO Prospectiuni SA Romania

Our present or recent international operations in Portugal, Bulgaria, Georgia, Senegal, Morocco, Macedonia, Kosovo & Tajikistan, as well as future development projects rely heavily on the company’s ability to foster global innovation by integrating international partners. Prospectiuni’s concept of innovation includes investing in know-how transfer, building local human capital in the countries where we operate and working towards having a positive impact on the host economy. Our 2,500 employees from 34 countries are proof of our commitment to building a sustainable future.

April 22, 2013

The National Symposium of Geology and Geophysics Students

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April 05-07, Bucharest

In the beginning of April, the Bucharest University hosted the National Symposium of Geology and Geophysics Students. Prospectiuni S.A. was proud to sponsor this initiative of the young generation of geologists and geophysicists. Students from the Bucharest Faculty of Geology and Geophysics and from other important university centers in Romania (Alexandru Ioan Cuza University of Iasi, Babes Bolyai University of Cluj, The Oil and Gas University in Ploiesti, Constantin Brancusi University of Tg. Jiu and The North University Center in Baia Mare) presented their papers in different sections of the event: Sedimentology – Oil Deposits Geology, Mineralogy – Cristalography, Petrographics, Paleontology – Stratigraphics, Environmental Management – Geophysics.

The “Job Fair”organized on the 2nd day of the event was attended by leading companies in the industry: Prospecţiuni S.A., PetroSantander Romania S.R.L., Danubian Energy Consult, GeoEcoMar, professional associations such as SPE- student chapter- Romania and The Association of Oil Engineers in Romania.

One of the highlights of this event was the “Meet – n – Greet” session, in which direct meetings between students and representatives of the above mentioned companies were facilitated. There were informal discussions between groups of students and the designated mentors, who were experienced specialists and academics from the industry. The mentors shared some of their vast knowledge and experience, giving the young geophysicists valuable advice on topics such as research, developing a career path in the industry or in the academic life, job interviews and job vacancies.

Mrs. Rodica Negulescu, Technical Training Manager and Mrs. Manuela Vidican, Recruitment Supervisor, represented Prospectiuni at this symposium.

Students showed an increased interest in the services we provide and in the career opportunities we offer to young geoscientists. They were particularly interested in the fields of activity they feel they have the necessary skills for, such as geology, geophysics, geochemistry, geological engineering or mineralogy

Rodica Negulescu, Technical Training Manager

March 11, 2013

Prospectiuni Bucharest (RASDAQ: PRSN) has gathered in a few months contracts worth EUR 121mln from Romgaz and Petrom

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Geological prospecting company Prospectiuni Bucharest, owned by businessman Ovidiu Tender, won late last week three tenders organized by Romgaz Medias, with a total value of RON 181.3mln (EUR 41.6mln), for 3D seismic acquisition and processing. The value of contracts recently won by Tender’s company with Romgaz have a duration of one year and account for more than half of Prospectiuni’s turnover for last year, which amounted to RON 314.2mln (EUR 70.5mln). Contracts signed with Romgaz come after in December the company signed with Petrom a framework agreement for two years for 2D and 3D prospecting services, worth EUR 79.8mln. Prospectiuni management says that the contract with Petrom will allow more flexibility and the beginning of works needed by Petrom takes a much shorter period of time. This since the delays in signing the contracts, especially from the beginning of the year, strongly affected the results of the prospecting company last year.

Romgaz and Petrom are the largest oil and gas producers in Romania and at the same time the most important traditional clients of Prospectiuni, which almost has a monopoly position on the market of geological prospecting services at local level.

In a recent interview, Gehrig Schultz, the American brought by Tender in late 2008 to manage Prospectiuni, his most important company, has stated that amid the expansion of company’s activity in recent years it’s estimated that Petrom and Romgaz would account for only 40% in the company’s businesses in 2013. Schultz also estimated that the share of company’s international activity would climb this year to 35% of the turnover, compared with 25% a year before. Prospectiuni manager has an ambitious expansion plan and relies on double business in the next three years. For this objective the company will allocate this year investments of around EUR 20mln, especially for the equipment necessary to the prospecting process, respectively the acquisition of up to 20,000 wireless prospecting channels. Prospectiuni currently owns about 30,000 such wireless recording channels, which represent one of the most advanced techniques in prospecting. In 2013, Prospectiuni management expects an advance of 20-25% in turnover.

Last year the prospecting company achieved a gross profit of RON 23mln. Prospectiuni titles yesterday registered a slight decline, of 0.5%, to RON 0.1966/title. At this level, the company’s market capitalization is EUR 32.4mln. (article published in Ziarul Financiar, March 11th)

February 27, 2013

Prospectiuni SA turning into a multinational company

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Gehrig Schultz, the American brought by Ovidiu Tender at the end of 2008 to run his most important company, Prospecţiuni S.A. (PRSN), says that upon his arrival in the company, the employees were only of two nationalities, Romanian and American while at present Prospectiuni has specialists from 33 countries.

In the last couple of years, 700 international specialists have joined the company leading to a total of 2,500 employees. "Most of our employees are still Romanians, however we have been recruiting extensively in countries such as Senegal and Morocco. At the moment we have 150-200 of employees in Senegal, almost 300 people in Morocco, 200 in Georgia and around 50 specialists from other countries. Our people have been hired based on their qualifications. We try to employ local people from the countries where we operate. Every year, we have operations in 8 to 10 countries”, states Gehrig Schultz.

Gehrig Schultz has been appointed as CEO of Prospectiuni to develop the activities of the company internationally and his naming doubled the turnover of the company in the last 4 years. The CEO aims an even faster and constant growth pace in order to reach the ambitious target of 100% increase in turnover in the next 3 years.

Currently, we are fully engaged in terms of operational capacity and major investments are planned for this year with the goal to increase our working capacity. We plan to double the turnover of the company in the next 3 years and for this we have to make significant investments and hire more people. We intend to invest around 20 mln Euro.

declared the head of the company Prospectiuni, Gehrig Schultz

February 18, 2013

Longreach Announces Completion of Seismic Acquisition with Prospectiuni: On Time and in Budget

LONGREACH OIL AND GAS LIMITED (TSX-V: LOI) (“Longreach”), an independent oil and gas company holding exploration and near term development licences in Morocco, is pleased to announce it has completed its 2D seismic programme on the operated Sidi Moktar Licence, onshore Morocco, on time and in budget.

520 km of seismic data were acquired in 47 lines over the portfolio of prospects and leads in fulfilment of the Licence commitment of 500km.

Priority lines, over Longreach’s drill-ready targets, Koba and Kamar, have been processed by Key Seismic in Calgary using the processing sequence and parameters determined by Longreach during the extensive reprocessing project completed in 2012. The priority lines are being incorporated into the Company’s interpretation to finalise the well locations for the 2013 drilling programme.

In addition, the survey was designed to high-grade and promote existing leads to prospect status.

The survey was conducted by Prospectiuni in compliance with the approved Environmental Impact Assessment to the highest international HSE standards.

With this seismic programme complete, we are now looking ahead to drilling our first well on the Sidi Moktar Licence in the next few months. This is an extremely exciting time for the Company, with a well-funded multi well work programme ahead of it

Andrew Benitz, CEO of Longreach

January 23, 2013

The PDC Graduation Ceremony

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Prospectiuni and CODECS held the ceremony for the Graduation of 1st Class of the Prospectiuni Professional Development Center and the recognition of meritorious professional achievements of some of Prospectiuni specialists on January 22nd, 2013 at the National Geology Museum in Bucharest.

Prospectiuni and CODECS collaborated to create The Professional Development Center by combining Prospectiuni’s geophysical expertise and CODECS capabilities as a leader in post graduate education. The Prospectiuni Professional Center offers a number of training programs for on career development. The first training program was focused on accelerating the integration of recent graduates into highly productive professionals. Over the four months of training, the young specialists have had the chance to acquire the necessary abilities to execute tasks as field geophysicists. The Professional Development Center also offers Leadership Training and Specialized Technical Training.

Mr. Gehrig Schultz, Prospectiuni CEO and Chairman of the Board and Mr. Ionut Mihailescu, CODECS CEO hosted the event. Mr. Ovidiu Tender inaugurated the ceremony with a speech highlighting the importance of developing geosciences professionals for the future.

Developing our professional team at all levels is critical for Prospectiuni to grow in Romania and Internationally. We have invested in both Prospectiuni’s future and in geophysical industry’s strength by creating opportunities for geoscientists to develop their skills and knowledge.

Mr. Gehrig Schultz

The ceremony at the National Geology Museum was the perfect occasion to also recognize the Prospectiuni professionals who in 2012 earned the National Agency of Mineral Resources Certificates of Attestation as specialist experts in oil and gas studies.

As well, the management team recognized professionals who had earned diplomas in Health, Safety and Environment as part of the EU sponsored POSDRU project ”Investing in People”. The EU provided € 200,000 of funding for Prospectiuni Health, Safety and Environment training and development.

Stiri - 2012

November 16, 2012

Cezar Iacob from Prospectiuni Wins SEG Special Commendation Award

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This year the Special Commendation Award offered by the Society of Exploration Geophysicists at the Annual Meeting organized in Las Vegas, USA on November 4th, goes to Cezar Iacob, newly appointed Business Development Manager in Prospectiuni.

The Society of Exploration Geophysicists (http://www.seg.org/seg) is a not-for-profit organization that promotes the science of applied geophysics and the education of geophysicists. SEG, founded in 1930, fosters the expert and ethical practice of geophysics in the exploration and development of natural resources, in characterizing the near surface, and in mitigating earth hazards. The Society, which has more than 33,000 members in 138 countries, fulfils its mission through its publications, conferences, forums, websites, and educational opportunities.

Each year, SEG organizes an Annual Meeting where members get to meet and relate in various ways. Either by attending the Exhibition where hundreds of companies present their latest achievements, technical and poster presentations where the latest discoveries in geophysics are exposed, or a multitude of networking activities, meetings and ceremonies, this event gathers each year more than 8000 geoscientists around the world.

SEG established the Special Commendation Award for the purpose of recognizing and honouring deserving persons for meritorious services to the public, the scientific community or to our profession.

This year a precedent was set by the recognition of Cezar Iacob with Special Commendation. It was the first time this award has been presented for contributions by a student.

Cezar Iacob demonstrated outstanding leadership as a student member of SEG, helped organizing the Balkan Geophysical Conference in 2005, founded and coordinated the joint Stanford – Bucharest Field Camp in Romania in 2006 and 2007, the joint Free University of Berlin – Bucharest Field Camp in 2008 and the 1st International Student Conference in Bucharest in 2010.

Cezar Iacob could not fully understand receiving this award. He said that: ”Awards are for older people who have accomplished so much”.

Peter Duncan, President of SEG in 2004 and 2005 replied to Cezar statement saying that “few of us, older folks have made the impact on our global community that he has in his 28 years”. We congratulate Cezar Iacob and wish him good luck in his career in Prospectiuni.

November 8, 2012

Prospectiuni, no. 1 company in Bucharest Top Companies

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Prospectiuni was offered the 1st Prize in Bucharest Top Companies, section Engineering Activities and Technical Consultancy Services in this field of activity for very big enterprises, in an event organized by Bucharest Chamber of Commerce on Wednesday, November 7th, 2012 at Romexpo.

“It has become a tradition for us to be ranked on the 1st place in this competition. I have been working at Prospectiuni since 1980 and I could say that all these awards and recognitions of our company’s results honor us and make us trustful that we are on the right path” told us Mrs. Ana Hrusca, Head of Prices & Contracts, who was present at this event and received the prize offered to our company.

The awarding of the main actors on the Bucharest economical market was organized by Bucharest Chamber of Commerce, continuing the tradition with the XIX edition and “the winners were elected according to the most strict and complex methodologies, approved and applied nationally”, declared Mr. Dan Gabriel Mihut, General Manager of Chamber of Commerce in Bucharest.

November 5, 2012

Spectacular: The History of the Romanian Oil & Gas Industry Depicted in 2 Imposing Paintings

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The American artist Page Piland worked with the well-known Romanian cartoonist Ștefan Popa Popas on two imposing paintings, which can be admired in the reception area of Prospectiuni’s head office in 1 Caransebes Street, Bucharest.

The artist from USA managed to capture the history of the Romanian oil and gas industry since the 19th century to the present days in a style which reminds one of the famous works created by the Mexican painter Diego Rivera more than 60 years ago (source: Realitatea.net). The paintings show the impressive story of the workers and the technological progress registered throughout the last century.

Piland’s paintings and drawings have been exhibited over the years at the Dallas Museum of Fine Art, and also at exhibitions such as Texas Fine Art Association, Texas Art Celebration and Blaffer Gallery within The Houston University.

November 1, 2012

Andrew Clark - President of Prospectiuni SA

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Andrew Clark has been appointed to the newly created position of President of Prospectiuni SA and will manage the day to day business activity of the company.

With this change, some of the responsibilities will be transferred from the current CEO, Gehrig Schultz to the newly appointed President.

”The extraordinary managerial skills of Andrew Clark will allow me to focus even more intensely on the growth and strategic development of Prospectiuni. Andrew will be responsible for managing the day to day business activity of Prospectiuni and will continue our drive to improve and expand our services and products. Andrew will continue to strengthen Prospectiuni’s business with his wealth of experience in the leadership of multi-disciplinary teams, strategic planning and organisational development”, Gehrig Schultz, CEO Prospectiuni

Andrew Clark stated: ”This appointment represents both an honour and a great responsibility for me. Prospectiuni is a company with a fantastic tradition and reputation. At the same time, we are a dynamic and quickly developing company with a wealth of growth opportunities in our core petroleum geophysical services business and in emerging areas such as environmental monitoring, mining exploration services and other services to the petroleum industry”.

September 26, 2012

Prospectiuni sponsors the 2nd International Archaeogeophysical Student Field Camp

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Prospectiuni supported the organization of the 2nd International Archeogeophysical Student Field Camp in Serbia. The camp was held in Petnica Science Center, near Valjevo (Western Serbia).

The Petnica site is well known for its archaeological value. The cave and its immediate surroundings are the oldest evidence of the life of people in western Serbia. The first complete neolithic habitat in Serbia, some 6,000 years old has been dug out right in front of the entrance to the cave. The second site, discovered inside the cave dates back to Roman times. In addition to its archaeological value, the Petnica cave has great speleological and paleontological value. The cave consists of a nearly 600-metre-long channel and a number of chambers.

newsThe main goal of this field camp has been to help archaeologists determine, through various geophysical methods, the boundaries of the archaeological site in front of the cave and the depth of the layer with potential archaeological remains inside the cave. Furthermore the field camp aimed at offering the students practical, hands-on learning experience that they could use in their future careers. Thus, during the day we collected the data in the field while in the evening we processed and interpreted the data. Every participant in the field camp had the chance to be actively involved in the decision-making process on how to change data acquisition parameteres and how the field work could be better organized, based on the data collected the previous day, in order to make better and more successful geophysical site prospection. I am confident that this field camp motivated the students not only to become more active team players but also to think outside the box showing them once again how broad the field of geoscience really is.

Marko Vanic, Organizer, President of Belgrade Student Chapter

The 2nd International Archaeogeophysical Student Field Camp in Serbia had 15 participants from Sebia and Romania, mainly students of The Faculty of Geology, Geophysics and Archaeology.

September 21, 2012

Profit in the first year of activity for the environmental division of Prospectiuni, ProMediu

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ProMediu, the environmental division of Prospectiuni, company controlled by Ovidiu Tender, became profitable after the first year of activity, the company announced. ProMediu was established about a year ago. ProMediu has so far completed 17 projects for various clients, which involved taking samples, monitoring, underground investigation and assessment reports. Among the programs developed by ProMediu were cleaning the operational areas of Petrom and an environment monitoring service for ArcelorMittal. ProMediu has recently signed two contracts with an aggregated value of EUR 1mln. for taking environmental samples and testing the monitored projects.

“These results prove that our technical and financial offer has been very well received by the clients”, Gehrig Schultz, CEO of Prospectiuni, stated.

ProMediu has a team consisting of 30 chemists, geologists and technicians.

“The advantage we have consists of a personalized offer of services for each client, which meet the regulations and requirements of the authorities in Romania and the European Union. Moreover, we expect this division to start contracting work abroad”, Gehrig Schultz stated.

(Source: Wall-Street, Cotidianul, September 12th)

September 19, 2012

3D seismic operations in Morocco

Prospectiuni has finalised the 3D seismic data acquisition for Caithness Petroleum Ltd., in central and northern part of Morocco.

September 19, 2012

2D seismic operations in Bulgaria

This week our company has finalised the 2D seismic data acquisition for Overgas company in Provadia - Shumen region.

September 18, 2012

3D seismic works in Romania

Prospectiuni is proud to announce the commencement of a new 3D seismic data acquisition project in Tg. Jiu area for Petrofac company.

September 17, 2012

2D seismic operations in Romania - request for environmental permit

SC CHEVRON Romania exploration and production s.r.l. informs the interested public that an official request has been forwarded to the Local Agency for Environment Protection in order to obtain the environmental permit for the 2D seismic prospecting works to be performed by SC Prospectiuni SA within the proposed area located between the settlements Almălău (Ostrov) - Aliman - Urluia (Adamclisi) - Zorile (Adamclisi) - Şipotele (Deleni) and along the state border with Bulgaria up to Almălău (Ostrov), perimeter belonging to Constanta county.

Information on this project can be found at the Environmental Protection Agency for Environment Protection, 23 Unirii Street, Constanta and at the headquarters of CHEVRON Romania Exploration and Production SRL, City Gate, South Tower, 12th Floor (Room 003), 3-5 Matlacha, 1st District, 013702 Bucharest, Romania, on Monday-Friday from 9-13.

Public comments and suggestions are received daily at the Local Agency for Environment Protection , 23 Unirii Street, Constanta.

SC CHEVRON Romania exploration and production s.r.l. informs the interested public that an official request has been forwarded to the Local Agency for Environment Protection in order to obtain the environmental permit for the 2D seismic prospecting works to be performed by SC Prospectiuni SA within the proposed area located between the settlements Adamclisi – Pietreni (Deleni) – Potârnichea (Topraisar) – Vânători (Pecineaga)–Tufani (Independenţa)–Şipotele (Deleni), perimeter belonging to Constanta county.

Information on this project can be found at the Environmental Protection Agency for Environment Protection, 23 Unirii Street, Constanta and at the headquarters of CHEVRON Romania Exploration and Production SRL, City Gate, South Tower, 12th Floor (Room 003), 3-5 Matlacha, 1st District, 013702 Bucharest, Romania, on Monday-Friday from 9-13.

Public comments and suggestions are received daily at the Local Agency for Environment Protection , 23 Unirii Street, Constanta.

SC CHEVRON Romania exploration and production s.r.l. informs the interested public that an official request has been forwarded to the Local Agency for Environment Protection in order to obtain the environmental permit for the 2D seismic prospecting works to be performed by SC Prospectiuni SA within the proposed area located between the settlements Tufani (Independenţa) – Vânători (Pecineaga) – Vama Veche and along the state border with Bulgaria, up to Furnica (Dumbrăveni), perimeter belonging to Constanta county.

Information on this project can be found at the Environmental Protection Agency for Environment Protection, 23 Unirii Street, Constanta and at the headquarters of CHEVRON Romania Exploration and Production SRL, City Gate, South Tower, 12th Floor (Room 003), 3-5 Matlacha, 1st District, 013702 Bucharest, Romania, on Monday-Friday from 9-13.

Public comments and suggestions are received daily at the Local Agency for Environment Protection , 23 Unirii Street, Constanta.

September 12, 2012

ADX Energy secures the experienced Romanian seismic contractor, Prospectiuni SA

ADX Energy (ASX: ADX) is pleased to announce that a contract for acquisition of 2D and 3D seismic data has been signed between ADX and the Romanian company PROSPECTIUNI SA in relation to ADX's Parta licence ("Parta Block") in Romania. With the completion of this milestone ADX has secured an experienced contractor who is able to commence operations within a month after the Romanian government has ratified the already executed concession agreement. Prospectiuni has the production capacity for all planned Pannonian Basin work and has successfully completed recent work in the respective area. Another major competitive advantage lies in Prospectiuni’s ability to do permits.

The concession agreement for Parta was signed in January 2011 with NAMR (Agentia Nationala Pentru Resurse Minerale). The Parta Permit covers an area of 1,221 sq km and is located in the southern Pannonian basin area of western Romania. It covers 7 excised oil and gas fields and is considered underexplored. The ongoing exploration activity on the ADX Romanian acreage has resulted in the identification of additional exploration potential.

Romania represents an important growth opportunity in line with ADX's ongoing strategy of focusing its resources on core areas which offer proven prospectivity, excellent fiscal terms and materiality.

September 6, 2012

Prospectiuni appointed a Commercial Manager for Data Processing and Interpretation

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Prospecţiuni appointed Irina Dorneanu as Commercial Manager for Data Processing and Interpretation. Before this appointment, Irina Dorneanu worked for several geophysics companies from Great Britain and Australia, but her career started with Prospectiuni. The main responsibility of the new Commercial Manager will be to develop and increase the sales of this important division of the company

„An important part in the strategy of Prospectiuni is the development of a team made up of experts well-known in the international market, who can find new opportunities for business and strengthen the relations with our partners. In this regard, bringing Irina Dorneanu in the company is a big step forward”, said Gehrig Schultz, the CEO of Prospectiuni.

Among other objectives of the Commercial Manager is to identify, develop, and promote new products and services such as the Geological and Petroleum Atlas of the Carpathians.

August 28, 2012

Ovidiu Tender plans to double Prospectiuni business in the next four years

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Prospectiuni Bucharest (BSE: PRSN), controlled by businessman Ovidiu Tender, has established a Professional Development Center, whose target is to train the future managers and specialists for the company, and plans to double its size within the next four years, according to a communique submitted on Tuesday by the company.

We are in a stage of aggressive growth, which involves recruiting and training redoubtable experts. We plan to double the size of Prospectiuni within the next four years. In the past four years we tripled our sales, but the size of the company increased considerably, both in geographic and financial terms, so we have an urgent need of additional managing and technical resources.

Gehrig Schultz, CEO of Prospectiuni Bucharest

Prospectiuni posted in 2011 a turnover of about RON 315mln, up 93% against the previous year. The gross profit amounted to about RON 41.43mln, by over 23 times higher than in 2010. The Professional Development Center will be directed especially towards the young geologists and geophysicists, faculty graduates, to offer them a quick and effective introduction into the professional activity. Classes will be held by managers and specialists within the company.

Prospectiuni is the largest company of geological and geophysical services in Romania, with a portfolio of works in countries from Europe, Africa and Middle East. For this year the company’s management estimates a turnover of EUR 75mln and international expansion. The company provides services for important Romanian companies, such as Petrom, Romgaz or Rompetrol. Ovidiu Tender has a fortune estimated at over EUR 200mln and leads a group of companies with businesses in energy, tourism, transport and real estate.

July 30, 2012

East European Geophysics Summer School, July 21-23, Bucharest

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Between July 21st – July 23rd, 2012 Prospectiuni was pleased to support the efforts of the Faculty of Geology and Geophysics in Bucharest to organize the East European Summer School, a SEG Geophysical Filed Camp Program. During the 3 days of the seismic prospecting component of the school the 18 students from 4 countries (Romania, Hungary, Bulgaria and Serbia) had the opportunity to become familiar both with the office and the field work of a geophysical service company including the day-to-day operating procedures and the latest technology in use. They visited Prospectiuni’s head office and data processing and interpretation centre where they met experienced specialists in 2D and 3D land seismic data acquisition, processing and interpretation, applied geophysics (gravity, magnetic telluric, & resistivity), as well as geochemical analyses and geological studies. The students also visited field operations at Prospectiuni’s crew no. 12 operating in Videle area acquiring 3D seismic data.

Prospectiuni SA was honored to contribute to this activity, thus strengthening its long-term partnership with the University of Bucharest, their students and faculty members.

I would like to thank Prospectiuni company and its management team for the kind support offered througout these three days and acknowledge your great contribution to the success of the SEG Geophysics Field Camp which ended on July 23rd. The professional-oriented camp and the diversity of the activities your company proposed for the agenda of the 2012 East European Summer School were very well regarded by the Hungarian, Serbian, Bulgarian and Romanian Geophysics students.

Victor Mocanu, Dean, Faculty of Geology & Geophysics, University of Bucharest

I would like to thank Prospectiuni on behalf of the team of students who organized this year’s Summer School for all your help and support in making this project possible and also on behalf of the participants for caring for us those three days. In my opinion the 2012 East European Summer School was a success and everyone seemed to have had a great experience overall, as the positive and enthusiatic reactions from the students have shown.

Gabriela Trandafir, Student, President of the Bucharest Student Chapter of SEG

June 29, 2012

74th EAGE Conference & Exhibition Incorporating SPE EUROPEC, 4-7 June 2012, Copenhagen, Denmark

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After more than 20 years (1990), EAGE held its annual meeting in Copenhagen once again. The royal city of Denmark is a cosmopolitan, vibrant metropolis in which the well-preserved medieval architecture harmoniously blends with marvels of modern civil engineering such as the Øresund Bridge which makes Sweden lie only minutes away from Denmark. This year, between June 04-07, Copenhagen hosted almost 6,000 delegates from around the world who attended the 74th EAGE Conference & Exhibition Incorporating SPE EUROPEC, the largest and most comprehensive geoscience event in the world.

The four-day programme consisted of a large conference under the theme “Responsibly Securing our Natural Resources” and a technical exhibition presenting the latest developments in geophysics, geology and reservoir/petroleum engineering. This year’s gathering was a record-breaking event in many ways. More than 350 exhibitors occupied almost 10,000 sq m of booth space while the Technical Programme consisted of 900 oral and poster presentations of the highest calibre.

The EAGE gathering in Copenhagen represented for Prospectiuni the perfect opportunity to showcase our wide range of integrated services (land seismic, data processing and storage, multi-client data packages, geochemical analyses, gravity, magnetic telluric, environmental management and geological studies) and latest achievements. Thus, the technical paper “3D Seismic Operational Optimization in the Lusitanian Basin, Portugal” presented by Mr. Malcolm Lansley on June 6th highlighted the challenges of an operationally problematic 3D seismic survey carried out in Western Portugal where the solution was found in careful planning plus the use of multiple sources and a cable-free recording system. In such environmentally sensitive areas (urban districts, hilly terrain, cultivated fields), the Prospecţiuni team has shown that it is able to provide data of exceptional quality based on its expertise and state-of-the-art equipment, minimizing the environmental impact.

During the 4 days of exhibition our delegates discussed and explored further business prospects, while presenting our strengths and competitive advantages, such as proven track-record, strategic position, modern equipment and well-trained specialists.

June 20, 2012

EAGE “Best Student Chapter” Award in Bucharest

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Bucharest Student Chapter is a scientific student association, affiliated to the Faculty of Geology and Geophysics, within the University of Bucharest and consists of students who have the same purpose, namely to promote the scientific extra-curricular activities among students, and not only. This group gathers under one name the Student Chapters of several international professional associations, such as AAPG (American Association of Petroleum Geologists), SEG (Society of Exploration Geophysicists), EAGE (European Association of Geoscientists & Engineers), SEG (Society of Economic Geologists) and maybe, in the near future, SPE (Society of Petroleum Engineers).

The main activities of the Bucharest Student Chapter include geological and geophysical applications, regular meetings (twice a month), scientific presentations, organization of various symposiums and workshops, preparation and promotion of better and more diverse educational and research projects, as well as participation in international conferences. BSC is striving to offer the students better and more varied programmes, meant to promote the scientific research among them and sometimes it offers them the logistic support in helping them to participate and present technical papers in national and international conferences.

In 2008 BSC received the first international recognition from AAPG, namely the Honorable Mention and in the following year (2009), the title of Outstanding International Chapter of AAPG. After receiving in 2011 the Honorable Mention from AAPG for the second time, BSC won the EAGE Student Chapter Award this year, in Copenhagen, as recognition of the Chapter’s dedication to geosciences. This award acknowledges the high-quality of the programmes of the BSC, the high number and the diversity of its activities as well as the large number of students involved in all these programmes. This prize represents a reward for all the students who prepared and/ or participated in the activities the Chapter proposed, be it the Geophysical Application in Jurilovca last year, in which SEG, EAGE and Prospectiuni SA were partners or the 2nd participation in the Field Challenge international contest and for our students’efforts to be present with better technical papers in the annual EAGE International Conference in Copenhagen (this year has already been the 4th year in which Romanian students were present in such a large number). This award is not offered in a direct competition, in which the contestants are expected to prove how good they are, but based on the projects the Chapter has successfully finalized over several years of activities. A very important fact which is worth mentioning is that the committee unanimously voted the EAGE Bucharest Student Chapter as the best EAGE Chapter in the world. Besides the huge reward this prize represents for all the students and the international recognition of the Bucharest Student Chapter, of the Faculty of Geology and Geophysics and, implicitly, of The Univesity of Bucharest, BSC also received a 300 EURO voucher for buying books for the BSC library. This amount of money was spent on books covering most of the geosciences domains.

All these results couldn’t have been achieved without the unconditional support from the Faculty of Geology and Geophysics and Prospectiuni SA. which have been helping BSC in achieving all its goals and objectives.

June 19, 2012

Prospectiuni Announces Regional Executive Appointments

Prospectiuni SA is proud to announce the appointments of Eric Williams as Vice President West Africa and Rahul Gupta as Vice President Asia. Effective immediately, the executive positions will be responsible for identifying and negotiating new markets and opportunities for Prospectiuni’s broad range of geophysical and geological services along with servicing the current client base and the introduction of new services.

As VP West Africa, Eric will be responsible for conducting the entire business development in all areas of expertise (minerals, oil and gas) for the very important geographical area of West Africa. Eric is a geoscientist with an extensive track record of leadership that has spanned over 30 years. Most notably, he held the Ministerial portfolio as Minister of Energy and Energy Industries for four years in the Government of the Republic of Trinidad and Tobago from 2002 to 2006 and was a Member of Parliament for twelve years from 1995 to 2007. Recently, Eric has been a project development consultant with a group in West Africa and brings a wealth of knowledge including special experience in developing local content through natural gas monetization.

As VP Asia, Rahul will be responsible to explore and find new business opportunities on the central Asia countries. After graduating with a bachelor’s degree in commerce from University of Mumbai and a master’s degree in Management from the Narsee Monjee Institute of Management Studies, Rahul has held diverse leadership roles in various business development initiatives in both conventional and unconventional business models. He has held prominent roles at V.I.P. Industries, Essar Oil - Exploration & Production and at BG Exploration & Production India (part of BG Group). His most recent role was as president of Omnitech Oilfield Services Private Limited. Rahul also has a wealth of experience in the Coal Bed Methane (CBM) industry; in conceptualisation, resource estimation, project execution, and economic indicators.

In an environment where ongoing economic uncertainty and rapid changes require increasing flexibility developing an executive team with experience has become an important part of managing Prospectiuni for long-term success. Whilst developing business in new markets, it's even more critical that Prospectiuni have the right organizational structure in place to strengthen our connections with customers and business partners around the world.

Gehrig Schultz, Prospectiuni CEO

March 20, 2012

Romania Upstream Conference and First Eastern Europe HSE Forum

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This year the fourth edition of the Romanian Upstream Conference was held in conjunction with the First Eastern Europe HSE Forum in the period March 13-14, in Bucharest. The event was organized by Petroleum Club of Romania and Industry Media Vector, Prospectiuni SA being Premium Partner and Host.

Romania Upstream Conference, the leading event held annually in Bucharest, offers detailed analysis and prospects of the dynamics of the Romanian exploration and production sector to senior managers and consultants working in the oil and gas industry in corporations and national companies but also to those working in governmental structures and regulatory agencies. The conference’s main objective was to facilitate the interested partners’ access to the latest information regarding the developments in the technology, equipment and upstream sector development strategies in Romania, as well as to provide information on the current business practices and opportunities in the E&P sector.

The First Eastern Europe HSE Forum was a Prospectiuni, Industry Media Vector and Petroleum Club of Romania initiative designed to help European companies involved in the oil and gas industry in the development of E&P operations in a safe, responsible and sustainable manner.

The event was divided into four sessions where topics of great interest were debated, regarding the hydrocarbons exploration and production in Romania, modern technology solutions, equipment and probe services, comparative safety and security statistics of operations in the oil and gas industry, the role of decision makers in improving HSE standards, management systems of contractors – realities and expectations, road safety, etc.

The First Eastern Europe HSE Forum proved to be a most interesting and well-attended event, with stimulating and thought-provoking presentations. All the participants that answered the questionnaires found the Forum very useful for the oil & gas industry and expressed their interest for making it a periodical event. They chose the following issues to be discussed next time: Safety Culture, Leadership & Commitment, Risk Management, Managing Subcontractors, Management of Change. We expect the same enthusiasm for The Second Eastern Europe HSE Forum and volunteers to organize, sponsor, promote this new occasion to share ideas and bring together different experiences, approaches and views, with developments in practice.

Gehrig Schultz, President and CEO Prospectiuni SA

If you want to find out more about the topics debated within the four sessions of the event, please click here.

January 9, 2012

Geophysical Field Camp in Jurilovca, Romania to investigate new archaeological site

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Between July 29 – August 07, 2011 Bucharest Student Chapter, a student association of the Faculty of Geology and Geophysics, University of Bucharest, affiliated to SEG (Society of Exploration Geophysicists - USA), EAGE (European Association of Geoscientists& Engineers) and AAPG (American Association of Petroleum Geologists) organized, under the auspices of the Faculty of Geology and Geophysics – University of Bucharest, Prospectiuni SA, SEG and EAGE, a near-surface geophysical field camp at the Argamum/Orgame archaeological site near Jurilovca, Romania. This site hides the ruins of an old fortress/ city which is believed to be over 2,700 years old.

The project was based on a “learn & do-it-yourself” concept in which 21 students from the first and second grade, and more experienced – graduate – students, all from the University of Bucharest and University of Belgrade (Serbia), applied a series of geophysical methods used for near-surface investigations (shallow seismics, geo-magnetism gradient, GPR, resistivity). Another important aspect of the field camp was the direct contact with the archaeology students and their instructor who were working on the site which led to a better understanding of the projects’ goals. Under the professional supervision of two faculty members this was a great opportunity for the future professionals to apply novel geophysical methods for a non-industrial application, but of high social impact.

Prospectiuni SA was honored to help this activity, strengthening its close and long term cooperation with the University of Bucharest, their students and faculty members. Several of them already expressed their interest to shape a career with Prospecțiuni, already applied for a job with us or are part of our team!

To find out more about this project, please follow the link below (an article published in First Break January 2012, Issue 1, Volume 30): http://fb.eage.org/content.php?id=56080

Stiri - 2011

October 31, 2011

AAPG ICE 2011 Milan

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Prospectiuni exhibited at the AAPG 2011 International Conference and Exhibition, 23-26 October in Milan, Italy, where an international mix of geoscientists explored the latest advances in petroleum geology, with particular attention to carbonate reservoirs. The Quartet Anima, as usual, played at our booth, at selected times.

October 6, 2011

Investing in the Future - Scholarships for 16 students

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Prospecţiuni SA has awarded 16 scholarships to students from Romanian universities with a specialization in Geology, Geophysics, Oil & Gas Engineering and Mining, i.e. University of Bucharest, Babes-Bolyai University of Cluj, Alexandru-Ioan Cuza University of Iasi, Oil&Gas University of Ploiesti and University of Petrosani. The 16 students must have had an average 8.50 grade in their last year of study and had to write an essay in order to explain the reason why they applied for the scholarship.

We believe in supporting student activities and wish to recruit the best specialists for the future. We need good people and we are lucky we have some very good universities in Romania.

Gehrig Schultz, CEO of Prospectiuni SA

The students will also have the opportunity to work for the company after finishing their studies or during their summer vacations.

October 5, 2011

Increased cable free recording capabilities

Prospectiuni has recently purchased a further 600 channels of Sercel Unite cableless recording units increasing the company’s inventory to 4,500 channels and total channel count to over 30,000. Prospectiuni was the first company to deploy this system and has the largest cableless recording capability in Europe which is ideal for urban or other areas of difficult data acquisition.