The acquisition achieves significant portfolio diversification for Petroceltic with exposure to new hydrocarbon plays generated by over 750 km2 of 3D seismic already acquired and processed in the permit areas. Included in the package is a significant legacy database with additional 3D seismic data. Completion, subject to the usual regulatory approvals, is anticipated before year-end.
Petroceltic's CEO, John Craven, commented:
"Petroceltic has availed of a unique opportunity to acquire a strategic position in the mature Po Valley Basin, Italy's largest gas province. Drillable gas prospects in this portfolio have already been matured via 3D seismic acquisition and interpretation. I am also confident that additional hydrocarbon prospects will be generated by the legacy database, particularly as it includes a number of 3D seismic surveys.
We are delighted to be expanding our area of interest in Italy, and look forward to advancing a drilling program there in 2008"
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