These exploration permit areas were primarily selected to access the extension of the proven Elsa - Miglianico oil fairway, into the Central Adriatic, to the east and southeast of the existing Petroceltic blocks. They are adjacent to four oil and gas fields, the Miglianico, Rospo Mare and Ombrino Mare oil fields and the Santo Stefano Mare Gas field.
Petroceltic will operate the seven exclusive exploration permits with a 100% working interest. These permit areas, which cover approximately 2,040 sq kms, lie in water depths ranging from 30 to 150 meters.
The seven exclusive exploration permits are part of an application for nine permits, in the central Adriatic area, submitted by Petroceltic in October 2006. A decision from the Ministry regarding the other two applications is expected from the Ministerial Commission in the coming months.
Italy Operational Update B.R268.RG – "Elsa" (Petroceltic 40%)
Petroceltic, together with its Joint Venture partner Vega Oil, has now interpreted some recently purchased seismic data. This data, which is of good quality, further confirms the potential of the Elsa oil prospect and has highlighted a number of other leads on the block.
Also the "Joint Venture" commissioned an independent drilling feasibility study. This work has now been completed and a number of possible drilling scenarios are being considered including the drilling of a deviated well from an onshore surface site into the offshore block B.R268.RG.
Civitaquana Onshore Block (Petroceltic 40%)
The Ministry of Economic Development has approved the required Environmental Report and is expected to officially grant the exploration permit "Civitaquana" in the near future.
The "Joint Venture" is currently evaluating the existing data on the permit including the potential for a shallow gas play in the block.
John Craven, CEO of Petroceltic, commented:
"The successful new exploration permit applications are a very important step in building our business in Italy. Petroceltic now has a comprehensive acreage position, over the Apulian platform margin (including the Miglianico – Elsa oil play fairway) in the central Adriatic Sea, which offers exposure to a possible extension of a proven oil field (Miglianico), an appraisal project to an existing oil discovery (Elsa), shallow gas prospects and considerable exploration running room for further upside with the new permits."
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