Junior explorer Petroceltic International reported Friday that it is part of a consortium that has been awarded the Patraikos block, offshore western Greece. Petroceltic, Hellenic Petroleum and Edison International will each hold a one-third working interest in the concession.
The Patraikos block is located in the Gulf of Patra, covering an area of 1,892 square kilometres, with water depths ranging from 100 to 300 meters. Petroceltic said the concession is potentially oil prospective in the Jurassic, Cretaceous and Eocene formations, with a working hydrocarbon system proven by the Katakolon oil discovery wells drilled in 1982 approximately 35 kilometers south of the block.
The concession includes a three-year initial exploration period, followed by two optional extensions up to a maximum license term of eight years. The work program in the first three years will comprise geological studies and seismic data acquisition, with a new financial commitment from Petroceltic of approximately $3.5 million.
Petroceltic Chief Executive Brian O'Cathain commented in a company statement:
"We are delighted to be the successful bidder for the Patraikos block, which lies in an underexplored offshore area with good regional hydrocarbon potential. This represents a new country entry for the company in one of our core focus areas where we are actively seeking to expand our exploration portfolio. We look forward to progressing the exploration programme on the block in conjunction with our joint venture partners."
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