The first well on the drilling program, Iulia-1, located in 73m water depth and 115km offshore, wasdrilled up to 2110m (Pontian formation). The second well, Paula-1, located in 88m water depth and 147km offshore, was spudded on 17 June 2018 and was drilled up to 1036m (Dacian formation).

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The Iulia-1 well did not encounter any (gas bearing) reservoir in the Upper Pontian, and the net pay and volume of dry gas discovered at Paula-1 did not prove commercially viable for testing.

Commenting on this development, Mark Beacom, BSOG Chief Executive Officer, said that:

This offshore drilling campaign demonstrates the risks that are inherent in trying to find gas resources offshore in the Black Sea where the chance of success is no greater than 25% ...  Although the campaign did not deliver the expected gas discoveries, from an operational and HSE point of view, the wells have been successful.