Petroceltic secures nine Adriatic exploration permits

Petroceltic Elsa has been granted nine exclusive exploration permits in the central Adriatic Sea offshore Italy.

Offshore staff

DUBLIN -- Petroceltic Elsa has been granted nine exclusive exploration permits in the central Adriatic Sea offshore Italy. Included in the awards to Petroceltic are permits d492 and d493, which were subject to a competitive external bid.

These interests together with the other seven permits d494 to d500, and the company's existing interest in the BR 268RG offshore permit, gives Petroceltic access to a near contiguous proven hydrocarbon play fairway of over 2,660 sq km (1,027 sq mi) along the Apulian Carbonate platform margin offshore Italy, the company says.

The permits, in water depth depths of 30 to 150 m (98 to 492 ft), are adjacent to existing oil and gas fields that have demonstrated three working hydrocarbon plays in the region: the Cretaceous Miglianico/Elsa basin floor fan, the Cretaceous-to Miocene Rospo Mare/Ombrina Mare platform carbonate oil plays, and the Santo Stefano Mare Pliocene biogenic gas play.

Interpretation of 2D seismic data has revealed a number of prospects and leads in the permits, the company says. The company plans to obtain new seismic data in order to high-grade prospects for drilling.

Petroceltic has a 100% working interest in the nine permit awards, which are d492, d493, d494, d495, d496, d407, d498, d499, and d500.

07/02/2008

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