OMV AG unit OMV Petrom SA signed a contract to acquire OMV Offshore Bulgaria GmbH's 30% interest in the deepwater offshore Han Asparuh exploration block in the western part of the Black Sea, according to a Dec. 17 filing with the London Stock Exchange.

The company is planning geological and geophysical studies on the block, operated by Total SA, to identify drilling targets.

"This acquisition is in line with our strategy to increase our regional presence and is a natural addition, taking into account our portfolio in the Black Sea," OMV Petrom executive board member Peter Zeilinger said in the release.

The deal is expected to close by mid-2020. Financial details were not disclosed.

The Han Asparuh block covers an area of 14,220 square kilometers and lies in water depths of over 2,000 meters.