CMS Sofia has helped SPM Bulgaria LLC obtain a permit to prospect and explore Block 1-25 Vratsa West, which covers a large territory in northwestern Bulgaria, and which CMS describes as "the biggest onshore block in Bulgaria tendered in the past few years."
On March 20, the Bulgarian Council of Ministers approved the permit.
CMS supported SPM Bulgaria on various regulatory, corporate, and tax matters during the past year and a half and assisted it on matters related to the permit's issuance. According to the firm, "SPM Bulgaria is planning on entering into the prospecting and exploration agreement and commencing its work program under the permit."
The CMS team was led by Partner Kostadin Sirleshtov, supported by Associate Denitsa Dudevska.