In December 2012, Warburg Pincus led a significant line-of-equity commitment to Sand Hill Petroleum BV, a newly-formed oil and gas E&P company with subsidiaries in Budapest, Hungary and Bucharest, Romania. The company is focused on the Pannonian Basin in Hungary and Romania. Sand Hill Petroleum BV plans to apply modern North American exploration technology — including advanced 3D seismic acquisition and processing — to mature onshore areas with the goal of identifying overlooked conventional resources, predominantly natural gas. Following an initial exploration phase, the company plans to develop its discoveries into producing reserves. The company is led by an experienced management team with extensive knowledge of the fundamentals of hydrocarbon exploration and the business environment of the European Continent.
Since its founding in December, 2012 Sand Hill Petroleum BV has acquired a significant exploration position in Hungary; drilled ten exploration wells and acquired a new, 500 sqkm 3D seismic survey on its Körös License. In light of positive well results, the company commenced gas production in September 2015. The company was also awarded two Hungarian license blocks (Újléta and Nádudvar) in 2014 during the 2nd concession bid round and four more blocks (Berettyóújfalu, Mogyoród, Nagykáta and Ócsa) in 2015 during the 3rd round. These later areas altogether increased the Company’s total acreage by 1,000,000 acres to more than 1.6 million acres.
Sand Hill Petroleum BV
Atrium, Strawinskylaan 3051, Amsterdam, Netherlands, 1077 ZX
Telephone: +31 (0)20 301 2198
Fax: +31 (0)20 301 2202