Petroceltic sees oil potential offshore Italy

Petroceltic International has released more details of the exploration potential on block B.R268.RG offshore Italy.

Offshore staff

DUBLIN, Ireland --Petroceltic International has released more details of the exploration potential on block B.R268.RG offshore Italy. Recent interpretation of around 300 km (186 mi) of 2D seismic across the permit, acquired from Eni, confirms the presence of a large east-northeast to west-southwest trending regional structure.

The company and its joint venture partner Vega Oil also commissioned a drilling feasibility study, to assess the technical and commercial feasibility of drilling the offshore prospects from an onshore location. Petroceltic says it will need to drill at least two wells to confirm the potential of the mapped prospects.

The partner have been focusing on a possible extension of the onshore Miglianico field into the offshore area, and the offshore Elsa structure, thought to contain recoverable oil of 182 MM bbl. Miglianico, operate by Eni, is due onstream in 2008 at around 4,000 b/d of oil. The partners believe 20% of the field could be located within the B.R268.Rg offshore license.

06/21/2007

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