Petroceltic ups interest, gains operatorship offshore Italy

Petroceltic International has increased its participating interest in offshore Italy permit B.R268.RG, which includes the Elsa discovery, from 40% to 70%.

Offshore staff

DUBLIN -- Petroceltic International has increased its participating interest in offshore Italy permit B.R268.RG, which includes the Elsa discovery, from 40% to 70%. Petroceltic will also assume operatorship of the permit.

Under the signed farm-in agreement, Vega will transfer a 30% participating interest in the permit. In exchange, Petroceltic has agreed to pay 100% of the drilling and completion costs for the proposed Elsa-2 well.

12/17/2009

More in Company News