Park Place Energy Corp. has signed the License Agreement for the Vranino Block 1-11 with the Ministry of Economy and Energy on behalf of the Republic of Bulgaria on April 1, 2014. The Vranino exploration permit covers 98,205 acres (397.42 sq.km.) in northeast Bulgaria.
The permit is for a term of 5 years with up to an additional 5 years in extensions possible. Upon demonstration of a commercial discovery, the permit can be converted to an exploitation license of up to 35 years in length.