Magnetic Oil Limited agreed to acquire 100% stake in Kom-Munai LLP and Tasbulat Oil Corporation from OMV Petrom S.A. (BVB:SNP) for €94 million on December 29, 2020. Kom-Munai LLP and Tasbulat Oil Corporation hold the production licenses for four onshore fields, respectively Komsomolskoe, Aktas, Tasbulat and Turkmenoi. All fields are located in the Mangistau region of West Kazakhstan near the Caspian Sea. The four onshore fields cover a total area of 86.52 km², including approximately 75 wells, production facilities and 200 km of pipelines. Closing of the transaction is subject to certain conditions precedent including approval by the Kazakh Ministry of Energy and is expected in the first half of 2021. Philip Clausen-Thue of Jefferies LLC acted as financial advisor to OMV Petrom S.A. Humphrey Douglas, Victoria Simonova and James Meakin of Dentons Europe - Todor si Asociatii SPARL acted as legal advisor to OMV Petrom S.A. Morgan, Lewis & Bockius LLP acted as legal advisor to Magnetic Oil Limited.

Magnetic Oil Limited completed the acquisition of Kom-Munai LLP and Tasbulat Oil Corporation from OMV Petrom S.A. (BVB:SNP) on May 17, 2021.