British oil company Zeta Petroleum wants to sell three oil and gas exploration blocks owned in Romania, as it lacks money for mandatory investment programs.

The company’s shareholders will discuss this on February 8, reports local Capital.ro.

Zeta Petroleum has a 100% stake in the gas perimeter Bobocu, a 50% stake in the gas perimeter Suceava, and 39% in the oil gas perimeter Jimbolia. It plans to transfer these stakes to the company GMI, which is the principal shareholder in Zeta Petroleum, in exchange for deleting a total debt of EUR 2.49 million.

“The expenditures for 2016 are estimated at EUR 1.55 million. The company doesn’t currently have the capacity to support such commitments,” reads a Zeta Petroleum press release.

The oil price drop has affected the companies in this sector and has put many development plans on hold.

editor@romania-insider.com