Foraj Sonde Videle acquires Raffles Energy and Zenith Resources; deal expected to close by end-August
Onshore drilling company Foraj Sonde Videle has acquired 100% of the share capital of Raffles Energy Ltd., a UK holding company that owns Raffles Energy SRL and Zenith Resources SRL, two Romanian energy firms active mainly in natural gas and electricity production. The transaction is expected to be completed by August 31, 2026.
According to a report submitted to the Bucharest Stock Exchange, the acquired companies hold a diversified portfolio of natural gas assets, including stakes of 50% - 60% in concessions and projects developed in partnership with Romgaz. They operate both as petroleum agreement holders and operators, and as producers and suppliers of electricity through gas-to-power (G2P) solutions.
'These activities complement those carried out by the company and contribute to strengthening the group's position in the energy sector value chain,' the report states. The acquisition is described as part of the group's strategy to expand and diversify operations, aiming to capitalize on operational and economic synergies. Through the deal, Foraj Sonde Videle 'consolidates its presence in the natural resources and energy production sector, expanding its capabilities in natural gas exploitation and its conversion into electricity.'
Raffles Energy and Zenith Resources will continue to operate as independent entities, with no changes to their legal structure or operating model, and will continue to meet obligations under existing petroleum agreements. The group also intends to strengthen local management teams to ensure operational continuity and further development.
The company notes that the transaction will not affect existing employees.
Completion of the acquisition remains subject to several suspensive conditions, including regulatory approvals and procedures required under oil and gas legislation. Once finalized, the results of the acquired companies will be included in the group's consolidated financial statements, with the estimated completion date set for August 31, 2026. AGERPRES (RO - writing by: Oana Tilica; EN - writing by: Simona Klodnischi)
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