Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Petroceltic Enters Greece with Patraikos Block Award

change text size

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."

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Centrica Comes Up Dry near Ula Field (Jul 23)
 -  Ruspetro Conducts Successful Flow Test... (Jul 23)
 -  Kongsberg Bags $53M Contracts from Chi... (Jul 23)
 -  Leni Finds More Oil with 4th Goudron D... (Jul 22)
 -  Puka-3 Well Spuds Onshore New Zealand (Jul 22)
Most Popular Articles
From the Career Center
Jobs that may interest you
Project Quality Manager
Expertise: Project Management, QA / QC / Inspection
Location: Saudi Arabia
 
Exploration Geoscientist
Expertise: Geologist, Geophysicist, Geoscientist
Location: Adelaide
 
Senior Exploration Geologist
Expertise: Geologist
Location: Sydney CBD
 
search for more jobs