RNS Number : 0876Y
Petroceltic International PLC
02 July 2008
PRESS RELEASE
Dublin: July 2008:
Petroceltic International plc (AIM ticker PCI)
Petroceltic Wins Nine Exclusive Exploration Permits offshore Italy
Petroceltic International plc (Petroceltic) is pleased to announce that its wholly owned
Italian subsidiary, Petroceltic Elsa Srl., has
been granted nine exclusive exploration permits in the central Adriatic 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
Petroceltic's existing interest in the BR 268RG offshore permit, gives the company access to a
near contiguous proven hydrocarbon play
fairway of over 2,660 square kilometers along the Apulian Carbonate platform margin offshore
Italy.
The permits in water depth depths of 30 to 150 meters are located adjacent to existing oil
and gas fields which have demonstrated three
working hydrocarbon plays in this region; the Cretaceous Miglianico/Elsa basin floor fan and
the Cretaceous-to Miocene Rospo Mare/Ombrina
Mare platform carbonate oil plays, the latter recently successfully drilled by the OM-2 well,
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. Future plans involve obtaining additional
new seismic data in order to high-grade prospects for drilling.
In accordance with the normal Italian award process, the permits have been granted on a
preliminary basis, pending the submission by
Petroceltic of an environmental impact study for approval by the authorities.
John Craven CEO of Petroceltic commented "I am delighted with the award of the nine
permits which is a culmination of our strategy to
build a substantial acreage position in this proven but sparsely explored oil and gas region
of offshore Italy. I am particularly pleased
that two of the permits were won by Petroceltic in the face of competition. We believe that
these and all of our Italian permits have the
potential to deliver substantial future value for shareholders."
Petroceltic has a 100 percent interest in the nine permit awards, which are d492, d493,
d494, d495, d496, d407, d498, d499, and d500. A
map showing the location of the permits and the nearby oil and gas fields can be viewed on our
website at www.petroceltic.com
John Craven, Chief Executive of Petroceltic International plc, who holds a MSC in
Petroleum Geology from Imperial College London, is the
qualified person who has reviewed and approved the technical information contained in this
announcement.
Press queries to:
John Craven /Brian O'Cathain
Petroceltic International plc
Tel: +353 (1) 495 9285
James Henderson / Alisdair Haythornthwaite
Pelham PR
Tel: +44 20 7743 6676
Joe Murray
Murray Consultants
Tel: +353 (1) 4980300
Notes to Editors:
Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production
Company, focused on the Mediterranean and
North African area, and listed on the London Stock Exchange's AIM Market and the Irish Sock
Exchange's IEX Market. The company has
exploration assets in Algeria, Tunisia and Italy and a royalty interest in the Kinsale Head
gas field in Ireland.
This information is provided by RNS
The company news service from the London Stock Exchange
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